By Ranuh Rafiani Putri
IDX-listed energy company PT Medco Energi Internasional Tbk (IDX: MEDC) has signed a deed of guarantee and indemnity with Shell International Eastern Trading Company Pte. Ltd (SIETCO) concerning an advance payment for a crude sales transaction. This agreement specifically benefits Medco Energi Global Pte. Ltd. (MEG), a subsidiary of Medco Energi Internasional.
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“In relation to the advance payment of the crude oil sales transaction, provided by SIETCO in the maximum amount of US$200 million to MEG, the company provides guarantee and indemnity on the obligation performance of MEG in such agreement,” Medco said in a recent filing to the Indonesia Stock Exchange.
Regarding the impact of this material information on the company's operations, legal standing, financial condition, or business, Medco Energi Internasional has stated no notable impact. The exact details of the agreement were undisclosed.
Editing by Reiner Simanjuntak
