PGN Buys Kufpec's E. Java Assets

摘要

Saka Energi Indonesia, a unit of Perusahaan Gas Negara (PGN), has agreed to buy Kuwait Foreign Petroleum Exploration Co.'s (Kufpec) 25% stake in the Ujung Fangkah block in Gresik, East Java for $265-million. "We [PGN] want to try involving ourselves in the procurement of oil and gas because until now we only received and distributed," said a PGN spokesman. PGN runs sales and transmission businesses in East Java, Jakarta, several parts of West Java and Sumatra.