Sugih Energy forms new unit to handle new block

By Ruli Setiawan

IDX-listed Sugih Energy Tbk announced on Thursday the formation of Petroselat NC, Ltd, registered in British Virgin Islands, which is 55 percent owned by the firm?s subsidiary PT Petronusa Bumibakti.

Petroselat was among the companies that won the 2014 block tenders recently announced by the Ministry of Energy and Mineral Resources. Petroselat won MNK Selat Panjang PSC (non-conventional) onshore Riau.

Sugih said Petroselat was set up as a joint venture between Petronusa (55 percent) and PC1 Selat Panjang NC, Ltd (45 percent). Petronusa is 99 percent owned by Sugih Energy.

Editing by Johannes Simbolon