The Government begin auctioning the operation of Selat Panjang block on August 15, 2018 along with the operation of five other oil and gas block. This announcement could be the end for the process of insolvency of Petroselat Ltd, the subsidiary of PT Sugih Energy Tbk (SUGI). The creditors who had previously asked the Government to terminate the contract with Petroselat expressed their gratitude, but the Company has yet to make any statement.
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