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Peace After Disaster

Tuesday, April 17, 2007

Medco sells its subsidiary to avoid losses incurred by the Lapindo mud disaster. The same as the Bakrie Group.

. tempo : 178040347499.

A COMPROMISE was finally the choice that PT Medco Energi Internasional Tbk made. The oil company owned by Arifin Panigoro sold its subsidiary, PT Medco Brantas, last month to an affiliate of the Bakrie Group.

The sale-purchase agreement was signed on March 16. “It’s closed, payment has been transferred,” said CEO of Medco Energi, Hilmi Panigoro, to Tempo, last Wednesday.

This certainty erases any doubts over the news at the end of last

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