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Pertamina Pension Fund may buy more Sugih Energy shares
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After acquiring an 8.1 percent stake in Jakarta-listed oil and gas company PT Sugih Energy in October, Pertamina Pension Fund (Dapen) has appointed former Pertamina upstream director Muhammad Husein as the company's managing director.
'Sugih Energy's assets are well managed, thus offer good prospect to develop our capital growth in the long run,' Dapen managing director M. Helmi Kamal Lubis told thejakartapost.com on Monday.
According to Helmi, Dapen Pertamina plans to acquire a larger stake of up to 20 percent to expand the company's presence in the energy sector.
As the new director, Husein said he would ensure the realization of Sugih Energy's plan of development (POD), which included 8,000 barrels of oil per day (BPD) in the first year of production.
"Sugih Energy may expand, both in organic and inorganic ways, to enable it to go from an oil-and-gas-based company to an energy company," said Husein.
According to Sugih Energy's current managing director, Andhika Anindyaguna, the company's main focuses included improving production in the Selat Panjang and Lemang blocks, both in Riau, as well as planning new acquisitions.
He added that the company was expanding into gas commercialization and was set to sign gas sales and purchase agreements with several companies, including state-owned electricity firm PLN, by the end of this year. (ags/kes)
