Medco Seeks Loans

摘要

Indonesian independent Medco Energi is in talks with banks to borrow $250 million to develop its Area 47 oil project in Libya's Ghadames Basin. Development would cost about $1.1 billion, of which Medco would pay 25%, project director Lukman Mahfoedz said. Medco and partner Verenex have a 13.7% interest in the production sharing agreement, alongside Libya's National Oil Corp.