Saratoga enters upstream business
Thursday, June 11 2015 - 01:08 AM WIB
By Thomas R. Sembiring
IDX-listed private equity firm PT Saratoga Investama Sedaya has set up a joint venture with PT Puncak Jaya Berlima to enter oil and gas upstream business.
The joint venture called PT Agra Energi Indonesia (AEI), which is 30 percent owned by Saratoga, will first look for joint study areas.
?We will cooperate several universities to build data,? newly-elected President Director Michael W. P Soeryadjaya said Wednesday.
Saratoga which has business in various sectors including power and mining sectors will invest US$7.5 million in the joint venture and holds option to raise its interest there, he said.
Editing by Johannes Simbolon