Singapore's Mayfran, Petroimpex form joint venture company
Friday, January 24 2003 - 12:23 PM WIB
Singapore listed firm Mayfran International Ltd announced on Friday that its wholly owned subsidiary, Mayfran Investments Pte Ltd, had signed an agreement with a Jakarta-based firm PT. Petroimpex Nuansa Corporindo to form a joint venture company, PT. Prime Energy Indonesia (PEI).
Mayfran said PEI would be based in Jakarta and the authorized share capital of PEI would be the Rupiah equivalent of US$400,000 (US$ = Rp8,884).
The company said based on the agreement it would hold a 51 percent shareholding in PEI, while Petroimpex holds the remaining 49 percent.
?With the new oil and gas law in Indonesia, the partners are of the view that it is an opportune time to participate in the deregulated oil and gas industry. PEI will focus on the surface activities and projects of this industry in Indonesia,? the company said in a statement to Singapore Exchange. (robert)