Hello all my friend, now we will read and try to understand the meaning in the folowing passage from Antaranews.com. Read the passage carefully and give your attention to the bold words.
State-owned oil and gas firm Pertamina has not yet taken a final decision on the indirect acquisition of PT Medco Energi Internasional, a Pertamina official said.
Director for Pertamina`s Business Development and Risk Management, Feredrick ST Siahaan told a hearing with the House of Representatives (DPR)`s Commission VII on energy affairs here on Thursday that his side was still carrying out due diligence on the planned acquisition.
"The management has not decided yet until today. We still have time until the end of November to carry out the due diligence," he said.
The hearing which was initially scheduled to discuss Pertamina`s upstream and downstream performance was finally adjourned because Pertamina President director Karen Agustiawan was absence for an illness.
They agreed to resume the meeting on Monday, November 29, 2010.
Based on the notes in the hearing, the House Commission VII rejected the planned acquisition of Medco.
But the Prosperous and Justice Party (PKS) faction said it had yet to reject the Pertamina plan to acquire stake in Medco.
Satya W Yudha of Commission VII said it had better for Pertamina to focus on investing its funds in increasing reserves exploitations.
Earlier, Pri Agung Rakhmanto, executive director of ReforMiner Institute, viewed Pertamina`s move to acquire Medco as a strategic step. He said that the plan was a business strategy being developed by Pertamina to increase its oil output.
This step will have positive impact on the government`s oil production target of 1 million barrels per day in 2015. After all, Pertamina and Medco are two oil and gas firms which are trying to build themselves into a world class firm.
Pertamina and Encore International Limited (EIL) have signed a principle of agreement as part of the step for Pertamina to purchase the EIL stake at Encore Energy Pte Lted ((EEPL).
EEPL owns 50.7 percent shares at Medco Energi International. With the acquisition, Pertamina will automatically control 27.9 percent of Medco shares.
acquisition =
– noun
1. the act of acquiring or gaining possession: the acquisition of real estate.
2. something acquired; addition: a recent acquisition to the museum.
3. Linguistics . the act or process of achieving mastery of a language or a linguistic rule or element: child language acquisition; second language acquisition.
Risk Management =
– noun
the technique or profession of assessing, minimizing, and preventing accidental loss to a business, as through the use of insurance, safety measures, etc.
hearing =
–noun
1. the faculty or sense by which sound is perceived.
2. the act of perceiving sound.
3. opportunity to be heard: to grant a hearing.
4. an instance or a session in which testimony and arguments are presented, esp. before an official, as a judge in a lawsuit.
5. a preliminary examination of the basic evidence and charges by a magistrate to determine whether criminal procedures, a trial, etc., are justified.
6. earshot: Their conversation was beyond my hearing.
carrying out =
carry out,
a. to put into operation; execute: He doesn't have the funds to carry out his design.
b. to effect or accomplish; complete: They carried out their plan without incident.
due diligence =
Due Diligence - DD definition
1. An investigation or audit of a potential investment. Due diligence serves to confirm all material facts in regards to a sale.
2. Generally, due diligence refers to the care a reasonable person should take before entering in an agreement or transaction with another party.
Investopedia Commentary
1. Offers to purchase an asset are usually depend on the results of due diligence analysis. This includes reviewing all financial records plus anything else deemed material to the sale. Sellers could also perform a due diligence analysis on the buyer. Items that may be considered are the buyer's ability to purchase, as well as other items that would affect the purchased entity or the seller after the sale has been completed.
2. Due diligence is essentially a way of preventing unnecessary harm to either party involved in a transaction.
barrels =
– noun
1. a cylindrical wooden container with slightly bulging sides made of staves hooped together, and with flat, parallel ends.
2. the quantity that such a vessel of some standard size can hold: for most liquids, 31 1 / 2 U.S. gallons (119 L); for petroleum, 42 U.S. gallons (159 L); for dry materials, 105 U.S. dry quarts (115 L). Abbreviation: bbl
3. any large quantity: a barrel of fun.
4. any container, case, or part similar to a wooden barrel in form.
5. Ordnance . the tube of a gun.
6. Machinery . the chamber of a pump in which the piston works.
7. a drum turning on a shaft, as in a weight-driven clock.
8. Horology . the cylindrical case in a watch or clock within which the mainspring is coiled.
9. Ornithology Obsolete . a calamus or quill.
10. the trunk of a quadruped, esp. of a horse, cow, etc.
11. Nautical . the main portion of a capstan, about which the rope winds, between the drumhead at the top and the pawl rim at the bottom.
12. a rotating horizontal cylinder in which manufactured objects are coated or polished by tumbling in a suitable substance.
13. any structure having the form of a barrel vault.
14. Also called throat. Automotive . a passageway in a carburetor that has the shape of a Venturi tube.
–verb (used with object)
15. to put or pack in a barrel or barrels.
16. to finish (metal parts) by tumbling in a barrel.
17. Informal . to force to go or proceed at high speed: He barreled his car through the dense traffic.
–verb (used without object)
18. Informal . to travel or drive very fast: to barrel along the highway.
—Idiom
19. over a barrel, Informal . in a helpless, weak, or awkward position; unable to act: They really had us over a barrel when they foreclosed the mortgage.
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