Sugih Energy acquires Eurorich Group

Indonesia-listed PT Sugih Energy has acquired a 51 percent stake in Eurorich Group, which holds a 100 percent participating interest in Kalyani Block, whose oil and gas concession spans in South Sumatra and Jambi provinces, Investor Daily reported on Friday.

Sugih Director Fachmi Zarkasi said that the company signed the acquisition agreement on September 18 with Eurorich Investment Holding Ltd, the owner of Eurorich Group Ltd.

The acquisition of the Kalyani Block is part of the company?s drive to further expand its upstream oil and gas business.

Sugih earlier acquired 100 percent of Eastwin Global Investment Ltd, which holds a 49 percent participating interest in the Lemang Block PSC, for US$230 million. The company has also acquired a 51 percent stake in oil and gas services company PT Resources Jaya Teknik Management Indonesia (RMI).

?The acquisitions are part of the company?s focus to enter the upstream oil and gas industry. The company will maintain its business in the services sector, but the upstream industry will (eventually) become majority,? Fachmi said recently. (*)