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(ANSAmed) - TRIPOLI, MAY 12 - 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. In the shared production agreement, Medco and its Canadian partner Verenex, jointly own 13.7% of the reserve, whilst the Libyan National Oil Company holds the remaining 86.3%. Verenex is trying to sell its share and the state-owned Indonesian oil company PT Pertamina is attempting to buy it. Doyoatmojo reported that Medco envisages starting production in Area 47 by the end of 2010, with an average production of 50,000 barrels of oil per day. "We have presented our report on the economic assessment of the profitability of the project to the Libyan National Oil Company, and we expect to receive their approval during the third quarter of this year", said Doyoatmojo. Medco, which is controlled by the Panigoro family, closed 2008 with a net profit of 280 million dollars compared to 7 million dollars in 2007. (ANSAmed).