JAKARTA Oct 11 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
"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)