Mitsubishi acquires 50% Kangean Block from Energi Mega

Japan's Mitsubishi Corp is scheduled to sign sales & purchase agreement (SPA) to acquire 50% participating interest in Kangean Block from EMP Kangean, a subsidiary of listed energy company PT Energi Mega Persada Tbk at around USD360 million Tuesday, Feb 27. EMP will use the proceeds to reduce its debts.

"The initial schedule for the signing of SPA was Monday night. But there are some issues to settle," an investment banker close to the deal said.
Few weeks ago, KUPFEC from Kuwait was predicted to win the divestment. "KUFPEC was aggresive but Mitsubishi submits better offer," he said.
Mitsubishi is one of the most aggresive energy investors in recent years. The company is also in the short list of investors to acquire 30% shares in KPC and Arutmin Indonesia, both are subsidiaries of Bakrie-controlled PT Bumi Resources Tbk.
Mitsubishi is also the largest shareholder (60%) in a mini LNG plant project in partnership with Pertamina and Medco called Senoro LNG.

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