The Indonesian group, Medco Energy International, is seeking loans for 275 million euros to develop its share in the oil industry in Libya. The director of Medco, Lukman Mahfoedz, said that the Area 47 project in Libya is set to cost 800 million euros for the construction of plants and 300 million euros for development. 'Of the total cost of 1.1 billion euros, Medco will contribute 25%,'' said Mahfoedz. The president of Medco, Darmoyo Doyoatmojo, expressed optimism about the possibility of the company managing to secure the necessary loans. 'Once a reserve is found, the risk will be very low'', confirmed Doyoatmojo, adding that Medco has already spoken to a number of investment banks. It is estimated that Area 47 has a reserve of 307 million barrels of oil.
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