Medco seeks to tie up with Total
Tuesday, February 8 2000 - 04:00 AM WIB
National oil and gas company PT Medco Energy Corporation was seeking to boost tie-up with French oil giant company Total for oil operations in Indonesia and abroad, Bisnis Indonesia reported.
Medco's chairman Arifin Panigoro said in Paris over the weekend Medco had made an operational cooperation with Total, under which Medco handled Total's project in Indonesia and abroad.
"In the near future, Medco and Total will form a new company develop oil fields in Indonesia and abroad," Arifin said.
The paper said Medco and Total last cooperated in oil drilling in Papua.
Medco had been aggressively expanding its operations after he successfully settled its debt problem worth US$250 with foreign creditors. It recently announced its acquisition of some oil fields of Australia's City View Energy Cooperation and Atlantic Richfield Company (ARCO) in Indonesia.
It also planned to list its shares on the New York Stock Exchange. (*)