Medco invests around US$1 bln to diversify business
Jakarta (ANTARA News/Asia Pulse) - The Medco Group said it will invest at least US$1 billion to diversify its business. The group whose core business is in the oil and gas industry, has established new companies - PT Medco Mining, PT Medco Agro and PT Medco Papua.
Medco Mining will start by acquiring coal and steel mining concessions in Sumatra and Kalimantan, Group President Hilmi Panigoro said Thursday.
Medco Agri already has 23,000 hectares of land in Central Kalimantan for oil palm plantation and will soon expand to 1 million hectares, and 200 hectares in Papua will be expanded to 100,000 hectares. In Papua Medco will build a pulp and paper plant and grow trees to guarantee feedstock for the pulp plant.
Medco Mining will start by acquiring coal and steel mining concessions in Sumatra and Kalimantan, Group President Hilmi Panigoro said Thursday.
Medco Agri already has 23,000 hectares of land in Central Kalimantan for oil palm plantation and will soon expand to 1 million hectares, and 200 hectares in Papua will be expanded to 100,000 hectares. In Papua Medco will build a pulp and paper plant and grow trees to guarantee feedstock for the pulp plant.