Saturday, 17 May 2008

Medco invests around US$1 bln to diversify business

Presumably, Medco will have sought the land purchase licences from the Ministry of Forestry - the same ministry Minister Kaban (recent UNEP award recipient) is in charge of. I wonder if Mr Steiner will explain why UNEP rewards a Minister for such actions? It's a scandal. I've written, have you?

05/16/08 15:09

Medco invests around US$1 bln to diversify

Jakarta (ANTARA News/Asia Pulse) -

The Medco Group said it will invest at least US$1 billion to diversify its business. The group whose core business is in the oil and gas industry, has established new companies - PT Medco Mining, PT Medco Agro and PT Medco Papua.

Medco Mining will start by acquiring coal and steel mining concessions in Sumatra and Kalimantan, Group President Hilmi Panigoro said Thursday.

Medco Agri already has 23,000 hectares of land in Central Kalimantan for oil palm plantation and will soon expand to 1 million hectares, and 200 hectares in Papua will be expanded to 100,000 hectares.

In Papua Medco will build a pulp and paper plant and grow trees to guarantee feedstock for the pulp plant.Source:Business in Asia Today - May. 16, 2008published by Asia Pulse