REPUBLIKA.CO.ID, JAKARTA - State oil and gas company Pertamina is in the process of acquiring a 30 percent stake in US oil and gas firm Murphy Sabah Oil Co. Ltd, operating in Malaysia.
"We are in the process of settling the acquisition of Murphy's assets in Sabah and Serawak," Pertamina vice president for corporate communication Ali Mundakir said after attending a general meeting of the company's shareholders on Wednesday.
The acquisition was expected to be completed in the first quarter of 2015, he said.
"The deal is expected to be signed in the first quarter of next year. The signing will be behind the schedule but it is something normal in oil and gas contract," he said.
Pertamina, through its subsidiary PT Pertamina Malaysia Eksplorasi Produksi, will buy 30 percent of shares of Murphy Oil's subsidiaries, Murphy Sabah Oil Co., Ltd. and Murphy Sarawak Oil Co., Ltd. The transaction value agreed upon by both sides is 2 billion USD.
But Mundakir refused to divulge details of the acquisition, arguing that the company is in the process of settling the deal. He said Pertamina would buy the assets to increase its oil production.
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