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Medco sells E&P firm

by ArabianBusiness.com staff writer  on Sunday, 01 April 2007

Indonesia's Medco Energi has sold its stake in subsidiary Medco E&P Brantas to the Prakarsa Group for a reported US $100 million. Medco Energi president Hilmi Panigoro said his company wants to use the funds from the sale for investments in other sectors.

"The price is based in the economic value of Medco Brantas in December 2006," the company said.

Following the sale, Prakarsa Group will handle all responsibility of the Brantas Block.

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