Thai PTTEP in negotiation to sell stake in Medco

Thailand PTT Exploration and Production Public Company Limited (PTTEP) has confirmed that it is in the initial stage of negotiating the sale of its stakes in PT Medco Energi Internasional Tbk (Medco), an Indonesian oil and gas producer.

?The decision still depends on various factors. PTTEP will report further progress in due course,? PTTEP president Maroot Mrigadat said in a statement to the Stock Exchange of Thailand on Thursday.

PTTEP is reportedly offering its 34.20 percent stake in Medco to several firms. It owns the stake indirectly through its 40 percent holding in New Links Energy Resources, a Mauritius-based company.

Reports said Chinese oil major PetroChina, Japan?s Mitsui and Singapore?s Temasek Holdings were among those interested in the offer. Since the three, particularly PetroChina, made a very aggressive bid to win PTTEP?s stake, Indian Oil decided to send in a high-level team to hold discussions with the Thai company. (Robert)