- Business
- PT Medco Energi Internasional Tbk (MEYY) operates as an integrated energy company focused on upstream oil and gas exploration and production, power generation, and renewable energy development. The company offers crude oil and natural gas production; gas processing and distribution; coal mining and trading; power plant operations including coal-fired, gas-fired, and solar facilities; engineering, procurement, and construction services for energy infrastructure; and carbon capture, utilization, and storage initiatives. Its portfolio includes brands and assets such as the South Jambi block, Niru block, and Block 16 in Libya for oil and gas; the Tanjung Jati B coal-fired power plant; and the Cirata floating solar power plant, one of the world's largest. Medco Energi serves domestic and international markets, primarily in Indonesia, the United States, Libya, Malaysia, Australia, and Vietnam, targeting state-owned enterprises, independent power producers, and industrial customers. Founded in 1980 and headquartered in Jakarta, Indonesia, the company lists on the Indonesia Stock Exchange and maintains subsidiaries like PT Medco Power Indonesia and PT Medco E&P Indonesia. In recent developments, Medco Energi completed the acquisition of a 70% stake in the Palu-Central Sulawesi gas pipeline project in 2024 to expand midstream capabilities; formed a strategic partnership with Pertamina for joint upstream block development in early 2025; launched the commercial operation of the 145 MW Cirata floating solar PV plant in October 2024, marking a major step in its renewable energy segment; and secured a $500 million financing facility in mid-2025 for expansion into carbon storage projects amid Indonesia's energy transition push.