Sunday, June 3, 2007

Syamsul Muarif Buy 25% stake of ConocoPhillips in Pangkah PSC block

I hear Syamsul Muarif will buy Conoco via PT Ina International Co. Ina is going to prepare US$411 million funds to take over a 25% stake of ConocoPhillips in Pangkah PSC block, East Java.

US$211 million would be allocated to buy the stake, while US$200 million would be used as part of US$800 million allocated for oil and gas plan of development.

Ina had fund supports from two international banks, BNP Paribas (France) and CIMB (Malaysia). BNP is touted to be committed to contribute US$180 million in funds, while CIMB committed to allocate US$50 million.

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