On Petroselat’s Insolvency: The End?

The Government officially began auctioning the operation of Selat Panjang block on August 154, 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 previously asked the Government to terminate the contract with Petroselat, but they’ve recently expressed their gratitude for the development.

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