Star Energy denies stake sale to Barito Pacific

Local energy firm Star Energy on Tuesday denied rumors that it was in the process of selling stake to JSX-listed wood products firm PT. Barito Pacific Timber.

?The rumors are not true. Star Energy is currently not for sale,? CEO Supramu Santosa told Petromindo.Com, by short message service (SMS). He did not give further detail.

Bisnis Indonesia daily reported on its Monday edition that Barito, which is controlled by tycoon Prajogo Pangestu, was in the process of acquiring stake at Star Energy.

Privately- held Star Energy operates Kakap PSC block offshore Natuna which exports gas to Singapore and 110-MW extendable to 400-MW Wayang Windu geothermal power plant in West Java. The company also has several exploration blocks in Indonesia.

?Star Energy is a very healthy and growing company, which draws attention from many interested prospective suitors,? he said in December 2006 interview. (godang)