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Pertamina set to acquire Repsol’s participating interest in Algerian oil field
State-owned oil and gas giant Pertamina is in negotiations to take over the participating interest of Spanish energy company Repsol in the Menzel Lejmat North (MLN) oil field in Algeria, the company’s official said Tuesday.
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Power house: Locals fish near an oil refinery belonging to state-owned oil and gas giant Pertamina in Cilacap, Central Java. (JP/Agus Maryono)
State-owned oil and gas giant Pertamina is in negotiations to take over the participating interest of Spanish energy company Repsol in the Menzel Lejmat North (MLN) oil field in Algeria, the company’s official said Tuesday.
Pertamina deputy president director Ahmad Bambang said the acquisition would expand the company’s footprint in the North African country.
“[Repsol’s] financial condition is not good; they are planning to sell everything. We are still negotiating [the acquisition],” Ahmad said on Tuesday.
Ahmad explained that Pertamina planned to purchase Repsol’s 35 percent participating interest in the MLN field using its internal funds. Currently, Pertamina holds the remaining 65 percent shares.
Pertamina also currently serves as operator for two other oil fields in Algeria, EMK and Ourhoud, with 16.9 percent and 3.7 percent stake, respectively. (win/hwa)
