PT Pertamina, Indonesia's state oiland gas company, signed a principal agreement to buy PT Encore International, the main shareholder of PT Medco Energi Internasional Tbk. Encore own by Arifin Panigoro family.
Pertamina will hold a 27.9 percent stake in Medco when the transaction is completed. Pertamina has exclusive contract until November 2010 and plans to take over via PT Pertamina Hulu Energi.
Medco Energi booked total revenues of US$397.09 million in the first half of 2010, up 27.67 percent from US$311.03 million in the same period last year. Net profits rose 26.2 percent to US$12.1 million in the first half, up from US$9.6 million in the same period last year.
Revenues from oil and gas sales contributed US$258.55 million to the total revenue from January to June while contracts and services provided US$56.79 million, electricity and related businesses such as petroleum products contributed US$30.24 million and US$51.51 million, respectively
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