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NEWS UPDATES Asean Affairs  18 October 2010

Pertamina nears oil deal

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Pertamina has announced it was launching a bid for a quarter stake in Medco Energi Internasional, the country's top listed energy firm, to boost oil production.

Pertamina has signed an agreement in principle with Encore Energy Ltd. to buy a 27.9 percent stake, with the sale expected to be completed by Nov. 30.

EEPL, a subsidiary of Encore International, controls 50.7 percent of Medco, which has market capitalization of Rp 12 trillion ($1.3 billion).

Pertamina spokesman Mochamad Harun said on Sunday that the move was part of plans to more than double oil output by 2015.

"Our current production is at around 430,000 [barrels of oil equivalent per day]. Through mergers and acquisitions, we're planning to reach 500,000 boepd next year and one million boepd by 2015," he said.

The purchase price was unavailable because negotiations were still under way.

Medco has $2 billion in assets, including developments in Asia, Africa and the United States.

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