PT Medco Energi Internasional Tbk, oil and gas producer, gave an authority for its sudsidiary, PT Medco LNG Indonesia, to seal US$120 million loan from PT Missubishi Corporation in order to finance LNG refinery in Banggai, Central Sulawesi.
President Director of Medco Energi Darmono Doyoatmojo informed that the loan agreement had been signed on December 31 2010 and Medco Energi acted as a underwriter.
To construct the liquefied natural gas (LNG) refinery with investment of US$2.8 billion, Medco LNG Indonesia, Pertamina, and Mitsubishi Corporation established a joint venture named PT Donggi Senoro LNG with each shares portion by 20%, 29%, and 51%.
“The purpose of these funds allocation, namely investment of Medco LNG Indonesia in Donggi Senoro, is accordance with the share portion of 20%,” he stated in the disclosure submitted to Indonesia Stock Exchange, today.
He added that the transaction had been approved by the Capital Market and Financial Institutions Supervisory Agency (Bapepam-LK).
Mitsubishi holds a 39 percent stake in Encore Energy, which in turn controls 50.7 percent of Medco. The news of the loan comes a day after the Business Competition Supervisory Commission (KPPU) fined members of the consortium for colluding to win the rights to the Donggi-Senoro block.
No comments:
Post a Comment