JAKARTA. PT Medco Energi Internasional Tbk (MEDC) is using funds from the divestment of its assets abroad as the source of its capital expenditure (CapEx) funds this year.
Medco has released its assets in Mexico, Tunisia and the United States (US), and received funds of around US$ 63.74 million. The company will use its CapEx budget to realize work and business development plans.
"Business development with internal and external expansion," said President Director of Medco, Hilmi Panigoro on Wednesday (29/1). Internal expansion will be carried out by developing existing assets.
Hilmi gave examples such as the Block B project, the completion of the Phase 4B project in Bualuanga Thailand, and the Meliwis gas development project in East Java.
"For external expansion, we will always look at the opportunity for acquisitions that can bring added value to the company," Hilmi explained. (AM/AR)