SomaliPress.com

Somali govt ties with Medco, Kuwait Energy

Published on Tuesday 19th August 2008

Somalia: PT Medco Energi Internasional and Kuwait Energy Co. have formed a petroleum venture with the Somali government, Investor Daily Indonesia reported, citing Hilmi Panigoro, president commissioner at the Indonesian company.

Medco and Kuwait Energy will each have 24.5 percent stakes in the venture in Somalia, while the Somali government takes a 51 percent stake, the report said.

Medco is Indonesia's biggest publicly listed oil company.

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