Pertamina wins control of Maurel et Prom

Indonesia

JAKARTA, January 30, 2017 – Effective February 1, Indonesia’s Pertamina will be the controlling shareholder of Maurel et Prom, having successfully bid on a 39.9% stake.

Announced late last week, Pertamina now holds 64.46% of the French oil company’s shares. Maurel & Prom has been in Pertamina’s crosshairs since 2013, when plans to sell the company first surfaced. In August 2016, the Indonesians made their first move by acquiring a 24.5% stake.

“They [Pertamina] can achieve something that corresponds with my dreams for Maurel et Prom because they give the company a means for development,” Maurel et Prom Chairman and Chief Executive Jean-Francois Henin said at the time.

Last week, Pertamina’s President Director Dwi Soetjipto said the acquisition would be a boon to the company’s performance, as well as ensure the security of supplies to Indonesia.

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