Pertamina holds bioethanol talks: BRI targets Medco Energi Internasional stock at IDR 2,300

Medco Energi Internasional (ISIN ID1000053705) produced 170 mboepd in the first half of 2026, reaching the top of its 165-170 mboepd full-year guidance. As Jakarta Globe reported on October 7, 2026, Pertamina was still discussing a joint bioethanol project with MedcoEnergi, while BRI Danareksa raised its target for Medco stock to IDR 2,300 from IDR 2,200.

Bioethanol option gains attention

The talks concern the possible reactivation of Medco's bioethanol plant in Lampung. The two companies signed a memorandum of understanding in early 2026 covering plans to restart the facility, according to Jakarta Globe.

For Medco, the proposal adds a downstream energy angle to an upstream-heavy portfolio. The project is linked to Indonesia's wider effort to raise bioethanol use in gasoline, but the article gives no production capacity or investment value for the potential restart.

Analyst target reflects growth pipeline

According to Investortrust on October 7, 2026, BRI Danareksa lifted its target to IDR 2,300 from IDR 2,200 and retained a Buy rating. The research raised projected Medco net profit for 2026, 2027 and 2028 by 27 percent, 51 percent and 62 percent to USD 492 million, USD 634 million and USD 672 million.

The same report cited higher expected output from Sambar, Rebonjaro and Sakakemang, while Medco's 2026 oil and gas capital expenditure guidance had risen to USD 450 million-USD 475 million from USD 415 million. That pipeline gives the analyst case a concrete operating basis rather than relying only on current production.

Strong half-year operating base

CNBC Indonesia reported on September 22, 2026 that first-half 2026 revenue reached USD 1.415 billion, while EBITDA was USD 805 million and net income attributable to parent-company owners was USD 275 million. Gas represented 72 percent of production, and electricity sales reached 2,323 GWh.

Medco also reported cash production costs of USD 8.40 per barrel of oil equivalent, below its 2026 guidance of less than USD 10.00. The combination of production at the top of guidance and controlled costs is the key operating comparison behind the current growth narrative.

Medco stock holds at EUR 0.07

Medco Energi Internasional stock was trading at EUR 0.07 at Lang & Schwarz on October 8, 2026 at 11:08 a.m. CEST, unchanged from the prior close of EUR 0.07 at Lang & Schwarz. On the Indonesia Stock Exchange, the stock was last quoted at IDR 1,445 on October 8, 2026, while its 52-week range was IDR 1,005 to IDR 2,000 and market capitalization was IDR 35.7 trillion.

The further course of trading is shown by the continuously updated real-time quote of Medco Energi Internasional stock.

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