1 Min Read
JAKARTA, Dec 4 (Reuters) - Indonesia's biggest listed oil company, PT Medco Energi Internasional, has bought a stake of 21.25 percent in a Yemen oil and gas block for $90 million though its subsidiary Medco Yemen, the company told the Jakarta stock exchange.
The Block 9 (Malik) is operated by Toronto-listed Calvalley Petroleum, which owns a 42.5 percent stake. Hood Oil Ltd owned 21.25 percent while Yemen Oil and Gas Company has 15 percent.
Medco previously sold a 63.88 percent stake in its liquid fuel storage unit, PT Medco Sarana Kalibaru, to energy firm Puma Energy LLC, and a 51 percent stake in its power unit, PT Medco Power, to Saratoga Capital.
Shares of the oil and gas firm were down 0.7 percent at 1,480 rupiah, outperforming the benchmark index, which was down 1 percent. (Reporting by Andjarsari Paramaditha; Editing by Clarence Fernandez)