(EnergyAsia, December 12 2012, Wednesday) — Indonesia’s MedcoEnergi and Switzerland’s Puma Energy have launched their new joint venture to build a major fuel trading and distribution business in Indonesia.
In a joint statement, the companies said PT Puma Medco Petroleum started up early this month with around 60 staff to deliver high quality fuel products to clients throughout Indonesia.
Budi Basuki, MedcoEnergi’s director and chief operating officer for its power, mining and downstream business, has been appointed President Commissioner of PT Puma Medco Petroleum.
The company’s principal assets include a fuel storage facility in Tanjung Priok International Port in northern Jakarta and distribution capabilities in Kalimantan and Sumatra to serve the mining industry.
Lukman Mahfoedz, MedcoEnergi managing director and CEO, said:
“PT Puma Medco Petroleum is well positioned to become a significant fuel trading and distribution business in Indonesia, benefiting customers, employees and other stakeholders.
“The proceeds of the transaction will remain in PT Puma Medco Petroleum and will be used to grow the business and develop distribution capabilities across Indonesia.”
Puma Energy LLC, a global midstream and downstream energy company, completed the purchase of a 63.88% stake in PT Medco Sarana Kalibaru (MSK), the fuel storage and distribution subsidiary of Jakarta-listed integrated energy company PT Medco Energi Internasional Tbk for US$36 million.
Puma Energy LLC is a subsidiary of Trafigura Beheer B.V. with Angolan state oil company Sonangol holding a 20% stake.