Indonesia's Medco to sell stake in liquid fuel unit to Puma Energy
JAKARTA Oct 11 (Reuters) - Indonesia's biggest listed oil company, PT Medco Energi Internasional, said on Thursday it would sell a majority stake in its liquid fuel storage unit PT Medco Sarana Kalibaru to energy firm Puma Energy LLC.
"We have entered into this strategic alliance ... to create the best fuel trading and distribution business in Indonesia and the surrounding region," Medco Energi Chief Executive Lukman Mahfoedz said in a statement.
Puma Energy, a subsidiary of Trafigura Beheer B.V. , agreed to buy a stake of 63.88 percent in PT Medco Sarana Kalibaru and will form a partnership named PT Puma Medco Petroleum in early December, subject to review by the Indonesian regulatory authority, the company said.
The value of the deal has not yet been announced, but the partnership will make Indonesia the 34th country in which Puma Energy has operations.
Medco previously sold a 51 percent stake in its power unit PT Medco Power for $112 million to a consortium of investors led by Saratoga Capital, one of Indonesia's leading private equity firms in December. (Reporting by Fathiya Dahrul, Writing by Andjarsari Paramaditha,; Editing by Clarence Fernandez)
- Citing security threat, Obama expands U.S. role fighting Ebola
- Tesla prevails in top Massachusetts court over direct sales
- Russia needs government investment to avoid recession, says former finance minister
- Boeing, SpaceX win contracts to build 'space taxis' for NASA
- Stocks end higher on bet Fed won't change rate stance