Thailand's PTTEP gets $12.25m net profit from Medco
Wednesday, February 25 2004 - 12:05 PM WIB
Thailand's PTT Exploration and Production Public Company Limited (PTTEP) reported on Wednesday that its net profit collected from PT Medco Energi International was down to 480 million baht (US$12.25 million) in 2003 from the previous year's 530 million baht.
PTTEP said Medco contributed a net loss of 53 million baht in the fourth quarter of 2003.
PTTEP added that as of January 1, 2004, its shares in Medco?s proven reserves were 40 million stock tank barrels for crude and condensate, and 93 billion standard cubic feet for gas.
PTTEP indirectly holds a 34.20 percent interest in Medco through a Mauritius-based company New Links Energy. Meanwhile, New links holds 85.51 percent shares in Medco. (robert)