Bali, October 18, 2022 – PT Medco Energi Internasional Tbk (MedcoEnergi), and PT PLN (Persero) today signed a memorandum of understanding (MoU) to study renewable energy sources to support the government’s program for climate resilience. The signing took place during Indonesia’s State Owned Enterprises Conference: Driving Sustainable and Inclusive Growth, at the Bali Nusa Dua Convention Centre and was witnessed by the vice minister of State-Owned Enterprise of the Republic of Indonesia, Pahala Nugraha Mansury. The joint studies will include Hydrogen, Ammonia as energy sources, Carbon Capture Utilization and Storage (CCUS)/Carbon Capture Storage (CCS) and the utilization of Well-Head Gas to Power (WHGTP) generation.
President Director MedcoEnergi Hilmi Panigoro said, “This is part of our climate change strategy to expand our renewable energy portfolio and achieve Net Zero emissions for Scope 1, Scope 2 in 2050 and Scope 3 in 2060, in line with the Indonesian Government’s energy transition commitment.”
Established in 2004, Medco Power Indonesia is one of the leading Independent Power Producers under MedcoEnergi group. Operating in the business of IPP and O&M, Medco Power owns and operates power plants with gross capacity over 3.1 GW in 15 locations in Indonesia. Currently Medco Power is developing Ijen Geothermal project in East Java, PV plant projects in West and East Bali. Medco Power is wholly owned by PT Medco Energi Internasional Tbk.
PT Medco Energi Internasional Tbk (“MedcoEnergi”) is a leading Southeast Asian energy and natural resources company listed on the Indonesia Stock Exchange (MEDC-IDX). MedcoEnergi has three key business segments, Oil & Gas, Clean Power and Copper Mining. MedcoEnergi explores for and produces oil and gas primarily in Indonesia and is expanding its presence in Southeast Asia. The Group operates gas, geothermal and hydro power plants in Indonesia through Medco Power Indonesia and a non-consolidated interest in Amman Mineral Nusa Tenggara which operates a large Indonesian copper and gold mine.