Saka Indonesia Pangkah acquires Ujung Pangkah assets from Hess Corporation for $650 million
Clients PT Saka Energi Indonesia
Jones Day advised Saka Indonesia Pangkah B.V. (“Saka Pangkah”), an Amsterdam-based, wholly owned subsidiary of PT Saka Energi Indonesia (“SEI”) on the acquisition of the Ujung Pangkah assets from the Hess Corporation for a total after-tax consideration of $650 million, comprising of the sale of equity interests in certain holding entities and certain inter-company debts. SEI is 99% owned by PT. Perusahaan Gas Negara Tbk (“PGN”), an Indonesian partly state-owned integrated energy solutions provider, which specializes in the transportation and distribution of natural gas. The Ujung Pangkah assets are located off the coast of Indonesia.