Indian Oil Corp (IOC) is close to buying a stake in Indonesian oil and gas firm PT Medco Energi Internasional Tbk, a Medco official said.

India’s largest oil refiner is finalising a deal to buy the stake in Indonesia’s biggest independent exploration and production company from Thailand’s PTT Exploration and Production PCL (PTTEP)  and Credit Suisse First Boston, the official said.
The comment confirmed media reports about a possible stake sale.