JAKARTA. PT Medco Energi Internasional Tbk (MEDC), an oil and gas company, has signed a Deed of Guarantee and Indemnity with Glencore Singapore Ltd.

This agreement is related to the advance payment of the crude oil sales transaction in related to one of MEDC’s subsidiaries, Medco Energi Global Pte. Ltd. (MEG). The advanced payment mentioned in said agreement amounts to USD 100 million.

“The company provides a guarantee and indemnity on the obligation performance of MEG in said agreement,” Siendy K. Wisandana, Corporate Secretary of MEDC, mentioned in the information disclosure.

For the record, MEG is MEDC’s subsidiary based in Singapore. The company is engaged in the trading business with total assets before elimination worth USD 5.42 million.

According to IDNFinancials data, MEDC recorded total cash and cash equivalent of USD 547 million as of March 31, 2023. Its total assets clocked up to USD 6.83 billion, and its total equity was USD 1.85 billion. (KR/ZH)