Oct 16, 2010

Pertamina buys 27.9% stake in Medco

The largest state-owned oil and gas PT Pertamina (Persero) eventually acquires 27,9% stake in PT Medco Energi Internasional Tbk, controlled by Panigoro family.
The principal agreement of the acquisition had been agreed by Pertamina and Encore Energy Pte Ltd (EEPL) on Friday evening.
In a press statement, EEPL is a 50.7% controlling shareholder in Medco Energi.
Pertamina posted Rp8.7 trillion net profit in the first half of this year, a 20,83% increase compared to Rp7.2 trillion a year earlier.

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