Djody buys Kazakh oil firm

Djody buys Kazakh oil firm

JAKARTA (JP): Central Asia Petroleum Ltd., a subsidiary of
Setdco Group, has won a tender to buy a Kazakh company which
controls an oil field with reserves of about 1.5 billion barrels
for US$1.5 billion, a Setdco executive said.

Setdco chief commissioner Setiawan Djody said he would explain
the details when the deal was signed.

He was quoted yesterday by the Neraca daily as saying he was
invited to meet Kazakh government officials in mid-March to
negotiate the tax, royalties and other obligations.

Djody said he would assign Medco Group, which is controlled by
businessman Arifin Panigoro, to operate the Kazakh company's oil
field in Mangistaumunaigas, west of the Caspian Sea, which
currently produces about 100,000 barrels of crude oil a day. (10)