Jakarta (ANTARA News) - PT Medco Energi Internasional through its subsidiaries Medco Far East Ltd and Medco E&P Malaka has taken over a more than 50 percent stake in Conoco Phillips Aceh Ltd (CPAL).
Hilmi Panigoro, President Director of PT. Medco Energi International, in a press release made available to Antara here on Tuesday said that the agreement on the acquisition was signed here today (Tuesday).
The other 50 pct stake in CPAL was bought by Premier Oil Sumatra BV. After completing the process of acquisition, Medco and Premier respectively had 50 percent stake in CPAL, he said.
He added that the acquisition will improve the property of the oil and gas company in addition to contributing a bigger benefit in the future.
According to Helmi, his side had to use his company`s internal funds in taking over the 50 percent stake in CPAL. (*)