Indonesia: PT Medco plans to invest US$400 million in new project in Sumatra
Alexander Richter
2 Oct 2009
PT Medco Energi Internasional (MEDC.JK), plans to develop its second geothermal project this year with an estimated investment of $400 million in northern Sumatra.
Reported locally, “Indonesia’s energy explorer, PT Medco Energi Internasional (MEDC.JK), plans to develop its second geothermal project this year with an estimated investment of $400 million in northern Sumatra, its founder said on Thursday. Arifin Panigoro, the founder and adviser to the company, told Reuters that the firm would also spend $100 million for the development of food crop and biofuel project in Papua island, as the company diversifies from its core oil and gas business.
“Yes we have,” Panigoro said when asked if Medco is considering another geothermal project. “The investment from Medco could be around $400 million… we plan to start immediately, hopefully this year.”
He said the second project will be developed in South Tapanuli region, also in northern Sumatra, close to the first project.
Medco’s chairman Hilmi Panigoro said in June that the company plans to develop 1 million hectares of land in Indonesia’s easternmost island for plantations for food crops and biofuel feedstocks in Papua to meet higher demand in future.”
Source: Reuters
