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Hilmi Panigoro, Medco Group CEO
We will discontinue the plan

Reports of a plan by Medco Energy International to acquire the assets of Trans Pacific Petrochemical Indotama (TPPI) spread fast. But the following report on TPPI's intention to save the moribund refinery in East Java has been vetted by some groups in the government who are suspicious that the Panigoro family-owned company was doing the transaction on behalf of the old owner, and that is Honggo Wendratno. Honggo intends to come back through a scheme proposed by Medco.

Medco CEO Hilmi Panigoro recently straightened out some misinformation to Tempo, who met him two weeks ago at his office. "I must quickly respond to questions because news has begun to spread which I fear are wrong."

Economy Tuesday, September 8, 2015 Edition

Medco Acquires Tunisian Oilfields

Through its subsidiary, Medco Tunisia Petroleum Limited, Medco Energi Internasional (MedcoEnergi) acquired Storm Ventures International, a Barbados company operating in Tunisia. MedcoEnergi spent US$127.7 million (Rp1.49 trillion) of its internal funds to obtain all of Storm's shares. "This transaction will add to our overseas assets portfolio and support the company's future growth," MedcoEnergi CEO Lukman Mahfoedz said after signing the acquisition agreement in Tunis, the capital of Tunisia.

Storm is a subsidiary of Chinook Energy, listed in the Toronto Stock Exchange, Canada. The purchase gives Medco control of eight oil and gas fields, which include four exploration blocks, two development blocks and two production blocks. Five of these reside on land while the others are situated offshore, and they all have a concession time of either 30 or 50 years. The acquisition floor price amounts to US$114 million, with the rest of the funds to be used as working capital.

Economy Tuesday, August 26, 2014 Edition

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