The Hindu Business Line : IOC board okays proposal to bid for Indonesian gas firm

THE board of Indian Oil Corporation (IOC), today approved to bid for a 40 per cent stake in Indonesian oil and gas exploration firm PT Medco Energi Internasional Tbk.

``We have completed due diligence of Medco and are now valuing the company. The board today cleared bidding for acquiring stake in the company,'' the Chairman of IOC, Mr M.S. Ramachandran said. IOC will bid to buy stake in Indonesia's biggest independent exploration and production company from Thailand's PTT Exploration and Production PCL (PTTEP) and Credit Suisse First Boston. Mr Ramachandran said IOC was interested in buying into Medco as part of its plans to enter oil and gas exploration.

IOC also said that it had to borrow around Rs 3,000 crore during the last two months to bridge the losses it is incurring in the sale of diesel, kerosene and LPG below the cost.

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