MedcoEnergi and Puma Energy agreement completed
Agreement completed between MedcoEnergi and Puma Energy to build a major fuel trading and distribution business in Indonesia
12 December 2012 -Puma Energy LLC (“Puma Energy”), the global midstream and downstream energy company, yesterday completed the purchase of 63.88% of PT Medco Sarana Kalibaru (“MSK”), the fuel storage and distribution subsidiary of publicly listed integrated energy company PT Medco Energi Internasional Tbk (“MedcoEnergi”). The purchase was completed for USD 36 million.
The new venture, called PT Puma Medco Petroleum, starts trading today with around sixty staff to deliver high quality fuel products to clients throughout Indonesia. The company’s principal assets currently include a fuel storage facility in Tanjung Priok International Port, North Jakarta and distribution capabilities in Kalimantan and Sumatra to serve the mining industry.
“PT Puma Medco Petroleum is well positioned to become a significant fuel trading and distribution business in Indonesia, benefiting customers, employees and other stakeholders,” said Lukman Mahfoedz, President Director and CEO of MedcoEnergi. “The proceeds of the transaction will remain in PT Puma Medco Petroleum and will be used to grow the business and develop distribution capabilities across Indonesia."
Mr Budi Basuki, Director and Chief Operating Officer for Power, Mining & Downstream for MedcoEnergi has been appointed as President Commissioner of PT Puma Medco Petroleum.
CONTACT - Imron Gazali, Corporate Secretary, PT MedcoEnergi Internasional, Tbk
EMAIL - email@example.com
TELEPHONE - +62 21 2995 3000
CONTACT - Puma Energy Global Press Office
EMAIL - firstname.lastname@example.org
CONTACT - Poh Leng Yu, Ruder Finn Singapore
EMAIL - yupl@RuderFinnAsia.com
TELEPHONE - +65 6235 4495