Mitsubishi reinforces ties with Medco Energi

Mitsubishi's acquisition of an indirect stake in the Indonesian oil and natural gas explorer will have wider implications for future gas sales.

Japanese trading company Mitsubishi Corporation has acquired an indirect 19.97% holding in Indonesian oil and gas exploration and production company PT Medco Energi Internasional by partnering with its unlisted controlling shareholder Encore International Limited.

In a deal that was announced late Thursday, Mitsubishi bought 39.4% of a new company that will hold a direct 50.7% stake in Medco for $352 million. The other 60.6% of the new company, which is called Encore Energy, is owned by Encore International, which in...

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