Indonesia's Medco to sell stake in liquid fuel unit to Puma Energy


JAKARTA, Oct 11 (Reuters) - Indonesia's biggest listed oilcompany, PT Medco Energi Internasional , said onThursday it would sell a majority stake in its liquid fuelstorage unit PT Medco Sarana Kalibaru to energy firm Puma EnergyLLC.

"We have entered into this strategic alliance ... to createthe best fuel trading and distribution business in Indonesia andthe surrounding region," Medco Energi Chief Executive LukmanMahfoedz said in a statement.

Puma Energy, a subsidiary of Trafigura Beheer B.V., agreed to buy a stake of 63.88 percent in PT MedcoSarana Kalibaru and will form a partnership named PT Puma MedcoPetroleum in early December, subject to review by the Indonesianregulatory authority, the company said.

The value of the deal has not yet been announced, but thepartnership will make Indonesia the 34th country in which PumaEnergy has operations.

Medco previously sold a 51 percent stake in its power unitPT Medco Power for $112 million to a consortium of investors ledby Saratoga Capital, one of Indonesia's leading private equityfirms in December.

(Reporting by Fathiya Dahrul, Writing by AndjarsariParamaditha,; Editing by Clarence Fernandez)


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