Bakrie Energy diesel fuel sales reach US$ 500 million

PT Bakrie Energy International Pte Ltd, a subsidiary of PT Bakrie & Brothers Tbk engaging in distributing fuel, has sold diesel fuel to its own coal subsidiaries as well as non-affiliated mining companies in Kalimantan, worth US$ 500 million last year, Bakrie Energy?s finance director, Yuanita Rohali said.

?The sale (diesel fuel) has reached US$ 500 million and contributing about 40-50 percent of revenues to PT Bakrie & Brothers,? said Yuanita. She however declined to disclose the first six months 2011 figure.

Yuanita said Bakrie Energy has secured permit from the downstream oil and gas regulator BPHMigas.

Yuanita said the holding company aims to float Bakrie Energy shares over the next three to four years.

Yuanita added Bakrie Energy is also conducting feasibility study to expand into developing petrochemical sector. However she declined to disclose further details. ?Once the feasibility study is completed and business model is finalized, we will announce it,? she said.

In the first six months to June, Bakrie Brothers posted net profit of Rp 45 billion, against net loss of Rp 172 billion in the same period last year. (giok/roffie)