(MENAFN) PT Medco Energi Internasional, Indonesia's biggest listed oil company, has agreed to sell a controlling stake in its liquid fuel storage unit PT Medco Sarana Kalibaru to energy firm Puma Energy LLC, Reuters reported.
Puma Energy said it will acquire 63.88 percent interest in the unit and will form a partnership named PT Puma Medco Petroleum in early December.
The partnership deal, pending the review by the Indonesian regulatory authority, will make Indonesia the 34th country in which Puma Energy has operations.
Medco previously sold a 51 percent stake in its power unit PT Medco Power for USD112 million to a consortium of investors led by Saratoga Capital in December.
Puma Energy, founded in 1997, is a subsidiary of Dutch commodity trading company Trafigura Beheer B.V.