Thai's PTTEP clarifies news on sales of Medco shares

Bangkok-based oil firm PTT Exploration and Production Plc (PTTEP) denied on Friday that it was negotiating with foreign investors to sell its 34.20 percent shareholding in PT Medco Energi Internasional Tbk.

?PTTEP would like to clarify that regarding its 34.20% shareholding in Medco (through 40% holding in News Link Energy Resources), PTTEP, at present, has not made a decision on selling the aforementioned shares,? PTTEP president Maroot Mrigadat said in a statement to the Stock Exchange of Thailand.

Business Day Newspaper of Bangkok earlier today (Friday) reported that PTTEP and Credit Suisse First Boston (CSFB) were looking to sell their combined shares of 51.2 percent in Medco.

The paper said that PTTEP was looking to sell out its entire shares in Medco for US$600 million.

The paper quoted PTTEP official as saying that Indian Oil Corp., India's largest oil refiner and retailing firm, was among 8-10 bidders for the shares.

PTTEP, CSFB and Encore International (Panigoro family), through Mauritius-based New Links Energy, are Medco?s shareholders with 85.51 percent shares. (robert)