AKR to develop 50-60 gasoline stations

IDX-listed PT AKR Corporindo Tbk will allocate US$30-35 million for capital expenditure next year, the bulk of which to be used to finance the development of 50-60 gasoline stations, Kontan reported on Thursday.

The paper quoted AKR Director Suresh Vembu as saying that about $20-25 million of the 2015 capex will be allocated for the planned gasoline stations.

The company, which has completed the construction of 131 gasoline stations this year, will expand the number of gasoline stations as it anticipates greater quota from the government to distribute fuel products.

AKR hopes the new quota to be announced either in November or December. (*)