PGN unit acquires Kufpec Indonesia (Pangkah)
Tuesday, June 25 2013 - 03:44 AM WIB
PT. Saka Energi Indonesia, a subsidiary of state-owned gas distribution company PT. Perusahaan Gas Negara (PGN), has recently acquired Kufpec Indonesia (Pangkah) BV, which owns a 25 percent participating interest in Ujung Pangkah PSC.
The company said in a statement received Monday that the acquisition agreement was signed on June 21 in The Netherlands by which it acquired the entire stake of Kuwait Foreign Petroleum Exploration Company K.S.C. at Kufpec Pangkah for US$265 million.
The acquisition forms part of PGN?s strategy to help ensure future gas supply, the company said.
The Ujung Pangkah PSC is located offshore East Java, about 50 km from the industrial center in Surabaya, the provincial capital.
Editing by Reiner Simanjuntak