Medco Group sells Kazakh oil field

Aug 09, 1999 02:00 AM

The Medco Group has sold its oilfield in Kazakhstan for $ 220 mm to unnamed US and Russian oil companies. Medco Group chairman Arifin Panigoro told Bisnis Indonesia in Palembang, the funds would be used to repay Medco's debt of Rp1.8 t ($ 260 mm) in commercial paper to state-run insurance company PT Jasindo.
"It is unfortunate that I have to sell the oil field, but rather than having to face a corruption charge and risk being imprisoned I have to sell it," Arifin said.
Arifin has stood trial on charges of corruption for failure to repay debts but the court rejected the charges. Arifin refused to name the two foreign firms buying the oil field, which has a production capacity of 85,000 bpd of crude oil.
Arifin said he was encouraged by the previous government to invest in Kazakhstan after a visit by former President Soeharto to the former Soviet republic.

Source: Asia Pulse via Iinoil
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