Prior to the acquisition, Medco Power was 49 percent owned by Medco Energi Internasional and 51 percent owned by
Indonesia's Saratoga Group unit Saratoga Power.
INDONESIA PRESS-Japan's Inpex acquires 49 pct stake in Medco Power - Kontan | Daily Mail Online
Medco energy main business is actually in oil and gas, and it is one of the major player in Indonesia in oil and gas industry, it also has oil field in middle east. Recently they try to tap geothermal market ( that why they create Medco Power, which is something great for our country since it can produce a renewable energy, and we have so many geothermal potential ( the largest in the world )
One of Saratoga founder, Sandiaga Uno Salahuddin, surprisingly quite young
Medco Energy International Founder
Arifin Panigoro
With this low oil price, they need fresh money, and Inpex has been operating in Indonesia quite long. From what I heard from one of former Indonesian company President Director ( oil and gas industry ), many private owned Indonesian companies working in oil and gas industry are already selling some of their stake to international corporation, some already become minority stake holder.
But for oil and gas producer company like Pertamina and Medco it is apparently not the case. Our biggest oil and gas company which is PT Pertamina ( state owned ) will get huge proportion in Mahakam Block after 2018. It is the biggest block in Indonesia, 1/3 of our oil and gas comes from that block.
It is a good idea actually for Medco Power (Geothermal) to have Inpex has partner since Geothermal energy is quite new and thus requires high technology. Beside that, low oil price also become the other mainreason, since the price of geothermal energy will always tie into oil and gas price
