Thai oil firm eyes stake in Medco: Report
Monday, September 3 2001 - 10:47 PM WIB
Thai upstream oil and gas firm PTT Exploration and Production (PTTEP) said on Monday it was studying the possibility of buying a stake in regional energy firms, including PT Medco Energi. Tbk, a publicly listed Indonesian oil and gas company.
PTTEP President Chitrapongse Kwangsukstith told Reuters the move was part of the firm's plan to expand in the region but there had been no concrete progress so far.
``We are looking for an opportunity to invest in foreign countries but so far there is nothing clear and we have to study in more detail,'' Chitrapongse said.
SG Securities said in a research note Credit Swiss First Boston, which holds about 50-60 percent of Medco, was keen to sell its holding to PTTEP. (*)