“ … Here is another one. A change in what Human nature will allow for government. "Careful, Kryon, don't talk about politics. You'll get in trouble." I won't get in trouble. I'm going to tell you to watch for leadership that cares about you. "You mean politics is going to change?" It already has. It's beginning. Watch for it. You're going to see a total phase-out of old energy dictatorships eventually. The potential is that you're going to see that before 2013.

They're going to fall over, you know, because the energy of the population will not sustain an old energy leader ..."
"Update on Current Events" – Jul 23, 2011 (Kryon channelled by Lee Carroll) - (Subjects: The Humanization of God, Gaia, Shift of Human Consciousness, 2012, Benevolent Design, Financial Institutes (Recession, System to Change ...), Water Cycle (Heat up, Mini Ice Ace, Oceans, Fish, Earthquakes ..), Nuclear Power Revealed, Geothermal Power, Hydro Power, Drinking Water from Seawater, No need for Oil as Much, Middle East in Peace, Persia/Iran Uprising, Muhammad, Israel, DNA, Two Dictators to fall soon, Africa, China, (Old) Souls, Species to go, Whales to Humans, Global Unity,..... etc.)
(Subjects: Who/What is Kryon ?, Egypt Uprising, Iran/Persia Uprising, Peace in Middle East without Israel actively involved, Muhammad, "Conceptual" Youth Revolution, "Conceptual" Managed Business, Internet, Social Media, News Media, Google, Bankers, Global Unity,..... etc.)

Friday, October 08, 2010

Pertamina takeover plan confirmed

Nani Afrida, The Jakarta Post, Jakarta | Fri, 10/08/2010 10:00 AM

The government confirmed Thursday that Pertamina planned to acquire a majority stake in PT Medco Energi Internasional although the state oil and gas company has not issued an official statement on the plan.

State-Owned Enterprises Minister Mustafa Abubakar said that the state oil and gas company would take over the stake currently held by PT Encore Energy — a company owned by prominent Indonesian conglomerate Arifin Panigoro — through Pertamina subsidiary PT Pertamina Hulu Energy (PHE).

“The acquisition is now under negotiation,” he told reporters .

The minister said that the acquisition was part of PHE’s expansion program to further strengthen its oil and gas exploration and production operations.

Although Pertamina has not yet publicly announced the acquisition, Mustafa said that the state oil and gas company had reported the plan to his office and he expected negotiations would be completed before the end of the year.

Medco Energi was the first Indonesian company to operate in the oil and gas sector and has been listed on Jakarta Stock Exchange since 1994.

It has transformed itself from locally-focused company to an energy company operating throughout Indonesia and overseas, as well, with focus on oil and gas, power generation and renewable fuels.

According to the company’s 2009 financial report, Arifin’s Encore, which owns a 42.41 percent stake, is the single majority shareholder.

The public holds a 40.8 percent stake and is the second largest shareholder.

According to Bisnis Indonesia daily, Pertamina would acquire 46.41 percent stake in Medco.

Over the last three months, the firms have negotiated several cooperation agreements governing joint operations and mergers and acquisitions.

The takeover might cost Pertamina Rp 6.5 trillion (US$728 million), according to estimates.

On the acquisition, Medco Energi Internasional project director Lukman Mahfoedz declined to comment, saying that the company had not determined yet how great stake would be acquired by PHE.

“The decision will be in the hands of our company’s shareholders. I can’t comment,” he said as quoted by Bisnis Indonesia.

Pertamina corporate communications vice president Mochammad Harun said that the companies had not yet reached any agreement on the acquisition, nor on the percentage of shares to be acquired.

“When we have finished or closed the deal, we will inform the public,” he said as quoted by Republika online news portal.

Mochammad said that there were still processes that had to be completed before the company could acquire the stake officially.

He added that the company was conducting currently a study to determine which of Medco’s physical facilities could be synergized with Pertamina.

“We don’t have any deadline, because if we’re too hurried, the process can’t be optimized,” he said.

Earlier reports said that PHE postponed its initial public offering (IPO) plan this year due to the acquisition.

Medco Energi booked total revenues of $397.09 million in the first half of 2010, up 27.67 percent from $311.03 million in the same period last year.

Net profits rose 26.2 percent to $12.1 million in the first half, up from $9.6 million in the same period last year.

Revenues from oil and gas sales contributed $258.55 million to the total revenue from January to June while contracts and services provided $56.79 million, electricity and related businesses such as petroleum products contributed $30.24 million and $51.51 million, respectively. (rdf)

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