Thai PTTEP secures $12.4 million net profit from Medco in 2002
Thursday, February 27 2003 - 03:45 AM WIB
Thailand energy company PTT Exploration and Production Public Company Limited (PTTEP) said on Thursday it had secured net profit of THB 530 million or approximately US$ 12.4 million last year from its affiliate company PT Medco Energi International Tbk.
PTTEP said that profit was approximately 4.38 percent accounted for its total net profits of THB 12,089 million in last year.
PTTEP indirectly holds 34.20 percent interest in Medco through Mauritus based commerce company New Links Energy Resources Limited. Meanwhile, Newlinks holds 85.51 percent shares in Medco.
PTTEP further said its shares in Medco?s proved reserves were 50 million stock tank barrels for crude and 43 billion standard cubic feet for gas. (robert)