Medco allocates $500m for capital expenditure

Energy firm PT Medco Energi International (MEDC) has allocated US$500 million for capital expenditure in oil, gas and power plant projects in 2011.

MEDC vice president for investor relations Nusky Suyono said the company will borrow money from banks to supply 70 percent of the capital expenditure and use its own funds to cover the rest.

“We will spend $254 million for oil and gas exploration,” Nusky said Wednesday. (The Jakarta Post)