Puma Energy is to buy a controlling stake in the PT Medco Sarana Kalibaru unit from Medco Energi, Indonesia’s largest oil company, for an undisclosed sum, the companies have announced. The purchase is set to make Indonesia the 34th country in which Puma operates, and will lead to the formation of a new partnership between the companies, PT Puma Medco Petroleum, which will begin operating in early December.
“We have entered into a strategic alliance to create the best fuel and distribution business in Indonesia and the surrounding region,” said Lukman Mahfoeedz, Medco Energi chief executive in a statement. The agreement is still subject to the approval of the country’s regulators, however.
The deal follows PT Medco’s sale of a 51% stake in its power unit to a group of companies led by private equity firm Saratoga Capital.
PetrolWorld 12102012