Medco to sell stake in a downstream unit: Source

By Godang Sitompul

Indonesia-listed energy firm PT Medco Energi Indonesia is reported to be in final process of selling its stake in wholly owned subsidiary PT Medco Sarana Kalibaru, a downstream unit that stores and distributes fuels, according to a source.

?There will be a press conference tomorrow (Thursday) detailing the sale of Medco?s stake in Medco Sarana Kalibaru (MSK) to Puma Energy,? the source who asked to remain anonymous told petromindo.com.

MSK is engaged in the storage and distribution of fuels, mostly high speed diesel, to corporate clients.

Djoko Siswanto, Director of Oil Fuel Division at downstream regulator BPH Migas, was not aware of it although he admitted that he has been hearing news about Puma Energy requesting permits to trade fuels.

?It appears that Puma is in the process of requesting the permit to the Energy and Mineral Resources Ministry,? Djoko told petromindo.com.

Contacted separately, Medco Energi CEO Lukman Mahfoeds refused to confirm the news but did admit that a media briefing was indeed scheduled for Thursday. ?We?ll talk tomorrow (Thursday) at the press conference,? he said.

Puma Energy is an integrated midstream and downstream oil company active in Africa, Latin America, the Caribbean, North East Europe, the Middle East and Asia.

Editing by Dadan Wijaksana