Puma purchases remaining shares of Medco?s fuel distribution unit
Friday, March 21 2014 - 02:55 AM WIB
Puma Energy Singapore Pte Ltd signed on Friday an agreement to purchase the remaining 35.28 percent shares of PT Medco Sarana Kalibaru (MSK), the fuel storage and distribution subsidiary of IDX- listed oil and gas company PT Medco Energi Internasional Tbk (MedcoEnergi), the latter company said in a statement.
MSK's principal assets include a fuel storage facility in Tanjung Priok International Port, North Jakarta and distribution capabilities in Kalimantan and Sumatra to serve the mining industry.
The announcement follows the creation of a strategic alliance in 2012 between the two companies and new venture in MSK to deliver high quality fuel products to clients throughout Indonesia.
In December of 2012, Puma Energy, a global midstream and downstream energy company, acquired 63.88 percent of MSK for US$36 million to form a new venture called PT Puma Medco Petroleum.
"It was the right time to divest our remaining ownership in the venture and continue our strategy of strengthening our core activity of exploration and product ion in the oil and gas business," said Lukman Mahfoedz, President Direct or and CEO of Medco Energi in the Friday statement filed with the IDX.
"Today's announcement demonstrates Puma Energy' s commitment to growing its business across Asia Pacific. We will retain a strong working relationship with Medco Energi based on respect f or each other's professional approach and dedication," said Eric Herman, General Manager of Puma Energy Indonesia.
Editing by Reiner Simanjuntak