Japan?s Shizgas acquires stake in Mitra Energi
Friday, July 14 2017 - 07:52 AM WIB
Indonesia?s PT Mitra Energy Persada signed on Friday cooperation agreement with Japan?s Shizuoka Gas Company Ltd (Shizgas), providing the later with a 7.5 percent stake in the former.
?Shizgas has now become a 7.5 percent owner of Mitra Energi,? said Mitra Energi President Director Ivo Wongkaren.
He said that the agreement with Shizgas, which has technology and experience in the energy sector, will help Mitra Energi in expanding gas sales to industries in South Sumatra Province.
Mitra Energi is an investment company engaged in the areas of trade, industry, and services with main business activities in oil and gas export and import, and mineral processing. Through subsidiary PT Mitra Energi Buana (MEB), the company operates a 25-km gas pipeline in South Sumatra, with installed capacity of 10 mmscfd, but current utilized capacity stands at only 3.7 mmscfd.
Last year, the company obtained additional gas allocation from PT Medco E&P, with supply increasing to 5 bbtud, and supply contract extended to 10 years from five years. Mitra Energi?s net profit in 2016 increased by 10.4 percent to Rp 19.1 billion from Rp 17.3 billion in the previous year.
Editing by Reiner Simanjuntak