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Pertamina Seeks Majority Share in Tanzania’s Mnazi Bay

Jakarta. Indonesia is seeking greater outbound investment in Tanzania, among others, through state-owned oil firm Pertamina, according to Foreign Affairs Minister Retno Marsudi.

“Pertamina seeks to expand its presence and acquire the majority shares in Mnazi Bay Bloc operation through its subsidiary Maurel & Prom,” Retno said in a joint press statement in Jakarta on Thursday, shortly after a bilateral meeting with her Tanzanian counterpart Stergomena Tax.

Maurel & Prom is a Paris-based oil company, as well as a subsidiary of Pertamina’s international arm PIEP (Pertamina Internasional Eksplorasi dan Produksi). PIEP today holds a 71.09 percent stake in Maurel & Prom. Pertamina Group in 2017 acquired Maurel & Prom with operations spread across Africa and Latin America.

Maurel & Prom hold a 48.06 percent working interest in Mnazi Bay, which lies onshore in the Mtwara region. Maurel & Prom is also working on acquiring Jersey-based natural gas producer Wentworth Resources which holds a 31.94 percent working interest in the Mnazi Bay’s production operations.

Maurel & Prom Q1-2023 report wrote that Wentworth Resources’ acquisition has been approved by the target’s shareholders. The transaction is expected to close by the third quarter of this year and is subject to Tanzanian regulatory approval.

Retno also revealed clove leaf oil distiller Indesso Aroma’s plan to expand its field distillation unit in Zanzibar and in the mainland, such as the Tanga area. The company in 2020 had established a clove leaf oil field distillation unit in Pemba island of Zanzibar.

“I appreciate Tanzania’s support for Indonesia’s outbound investment. I’m confident that would contribute positively to Indonesia’s outbound investment,” Retno said.

According to Retno, pharmaceutical giant Dexa Medica has also gotten Tanzania’s green light to ship its products to the East African country. She said: “Dexa Medica has received good manufacturing practices from Tanzania and will begin supplying their products to Tanzania.”

Tax also told the joint presser about Tanzanian Prime Minister Kassim Majaliwa’s plans to visit Indonesia in September. He will come with Tanzanian business delegates who wish to explore new deals with Indonesia.

Source : JakartaGlobe