Indonesia’s Pertamina to take stake in French oil company

Agence France-Presse
Indonesia’s Pertamina to take stake in French oil company
Already present in Algeria, Pertamina would expand its footprint in Africa by acquiring Maurel & Prom which has operations in Gabon and Tanzania

PARIS, France – Indonesia’s state oil company Pertamina will become the top shareholder in Maurel & Prom and intends to make a public offer for the French oil operator that pumps most of its oil in Africa, the companies announced Monday, August 1.

Pertamina will buy the 24.5% stake owned by Pacifico, the company owned by Maurel & Prom’s board chairman Jean-Francois Henin, at a price that values the company at least 822 million euros, compared to its market capitalization of 557 million euros at close of trading on Friday.

If the deal is cleared by regulators and Maurel & Prom’s directors approve, “Pertamina commits itself to launch a voluntary tender offer” under the same conditions.

Already present in Algeria, Pertamina would expand its footprint in Africa by acquiring Maurel & Prom which has operations in Gabon and Tanzania.

The company hopes to pump nearly 30,000 barrels of oil equivalent per day this year.

“This project is part of Pertamina’s 5 strategic pillars implementation to enhance its upstream footprint around the world” and ensure Indonesia’s energy security, said Wianda Pusponegoro, Pertamina’s Vice President for Corporate Communication. – Rappler.com

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