Nusantara Regas gets back investment after 3.5 years of operation
Monday, May 23 2016 - 04:31 PM WIB
PT Nusantara Regas, a joint venture of state owned PT Petamina and PT Perusahaan Gas Negara (PGN), which operates FSRU Regas Satu, the country?s first floating storage regasification unit (FSRU) in Jakarta Bay, has fully regained investment after 3.5 years of operation.
Nusantara Regas? President Director Tammy Meidharma Sumarna said the firm, which was established in 2010, invested US$145 million for the project. The firm started operating the FSRU in 2012 and has handed a total of $124 million in dividends to both shareholders until the end of 2014.
Last year, the firm booked a profit of $75.6 million, around 96.73 of target. The firm plans to hand all the profit to both shareholders.
?Thus, we shall have handed a total of $200 million to shareholders. That means within less than 3.5 years of operation, we have handed back all equity put by the shareholders, whereas we have only used 60 percent of the facility,? he said.
Nusantara Regas has a contract to lease the FSRU from Golar LNG Energy Limited for 11 years. The firm now supplies gas to two power plants owned by state owned electricity firm PT Perusahaan Listrik Negara (PLN) in North Jakarta, that is PLTGU Muara Karang and PLTGU Tanjung Priok, both combine cycle power plants.
Tammy said that in the third quarter of 2016, the firm will start supplying gas to PLTGU Muara Tawar combined cycle power plant in Bekasi, also owned by PLN, through the Muara Karang-Muara Tawar-Tegalgede pipeline now under construction by PT Pertamina Gas (Pertagas). Through the pipeline, Nusantara Regas will also supply gas to industrial customers.
Besides, Tammy said, Nusantara Regas will build an Onshore Receiving Facility (ORF) or a metering system as part of the plan to supply gas to two power units, each with the capacity of 400 MW, which will be built by PLN in Muara Karang, North Jakarta as part of the 35,000 MW power projects. Both power plants will need eight cargos of LNG per year, or 40-80 mmscfd of gas.
?Our gas supply to PLTGU Muara Karang, plus PLTGU Muara Tawar, the two new power units planned to be built at PLTGU Muara Karang, industrial customers and two power units which will be built at PLTGU Tanjung Priok in 2019 ? all these will bring us to full capacity,? Tammy said.
He said banks already have trust in the firm. For instance, the firm now has a credit line of $150 million at Bank Mandiri but the firm still does not need to draw the money at present.
Editing by Johannes Simbolon