Pertamina Gas Allocates US$930 million for Capex

Pertamina Gas (Pertagas), the gas subsidiary of state oil company Pertamina, is allocating Rp10.58 trillion (approx. US$930 million) for this year's capital expenditure (capex). 

"Approximately 76 percent of the total capital expenditure (capex) will be allocated to pipeline construction projects in Arun-Belawan, Muara Karang-Tegalgede, and Gresik-Semarang," Pertagas director Hendra Jaya said through a written statement yesterday.

This year's capex value increased significantly compared to 2013 because, over the past year, said Hendra, the company's actual investment for business development amounted to US$286.64 million, a 213.74-percent surge from 2012's US$91.36 million.

Last year, Pertagas posted a 53.74-percent annual revenue increase to US$615.46 million. According to Hendra, the gain was driven by the 64.76 percent year-on-year increase in gas pipeline revenues.

With the additional income, the Pertamina subsidiary bagged US$158.84 million in net profits last year, a 29 percent increase from 2012's net profit.

 Source : Tempo