JAKARTA (Yosefardi) – Oil and gas producer PT Medco Energi Internasional TBk (MEDC) targets to divest its ethanol business entity PT Medco Ethanol Lampung by this end month as it opts to focus on exploration and production, power and mining business, Investor Daily reported this morning.
Budi Basuki, MEDC’s director, earlier said Medco Ethanol Lampung is offered to local buyer but he declined to disclose the price.
Medco Ethanol Lampung is a joint venture (JV) of Medco’s unit, PT Medco Ethanol Indonesia, and PT Trada Bioenergy Indonesia. Medco holds 85% interest in JV, which had in 2006 established a plant which costed US$34.13 million.
Medco Energi targets to drill 12 wells this year and 7 wells in 2014.