Indonesia's Medco Eyes Stake in Somalia Petroleum Corp Asia Pulse Pte Ltd Monday, October 08, 2007
Indonesia's largest private oil company PT Medco Energy International (JSX:MEDC) and Kuwait Energy Company (KEC) are in close competition to take over 49 per cent of Somalia Petroleum Corp. (SPC).
We are serious in our bid to expand operation to East Africa and Somalia is geologically attractive for an oil and gas venture, Medco President Hilmi Panigoro told the newspaper Investor Daily.
Panigoro said the Somali government will offer the same opportunities to Medco and KEC
He said Medco is ready to acquire the stake without KEC's taking part, adding that Medco had spent US$1 million in consulting fees in its bid to acquire the stake.
