Petroselat faces bankruptcy lawsuit

Upstream oil and gas firm Petroselat Ltd, an indirect subsidiary of IDX-listed energy company PT Sugih Energy Tbk, is facing bankruptcy lawsuit filed by logistic firms PT Richland Logistics and PT Sentosasegara Mulia Shipping with the Central Jakarta Commercial Court.

Kontan reported that Richland and Sentosasegara filed the bankruptcy petition after Petroselat failed to pay maturing debts, respectively worth US$402,027 and $448,442. First court hearing of the case was held on Monday.

The paper said that Petrosela signed in August and September of 2014 contracts with the two logistic firms for the lease of tug boats and services. But Wemmy Muharamsyah, a lawyer for the two firms, said that Petroselat has no longer paid the leasing fee since June 2015. Petroselat also did not heed previous warning letters sent by the two contractors.

Petroselat is the operator of Selat Panjang oil and gas block, in Riau, as governed by Production Sharing Contract (PSC) dated September 6, 1991. Sugih indirectly owns 55 percent shares in Petroselat. (*)