Pertagas net profit up 5.3%

Gas distributor PT Pertamina Gas (Pertagas), a subsidiary of state-owned oil and gas firm PT Pertamina, saw its net profit last year increased by 5.3 percent to US$159 million compared to the previous year.

Pertagas President Director Toto Nugoro said in a statement Thursday that the higher profit was supported by an increase in gas sales volume to 51,814 bbtu last year from 46,425 bbtu in 2015.

LNG regasification volume also increased last year to 29,907 bbtu from 25,789 bbtu in 2015.

The company also managed to transmit 522.1 bscf of gas last year, and processed gas into LPG at a volume of 123,259 tons.

Pertagas last year invested US$168.6 million in gas pipeline development. The company last year completed three gas pipeline projects including a 136-8- km pipeline linking Belawan, Medan Industrial Zone (KIM) and Special Economic Zone (KEK) in North Sumatra; a 32-km pipeline linking Muara Karang in Jakarta and Muara Tawar in Bekasi, West Java Province; and a 56-km pipeline linking Porong and Grati in East Java.

The company this year will continue construction of other gas pipeline projects including Gresik-Semarang section, Grissik-Pusri section, Looping Gresik-PKG section, and household gas pipeline projects assigned by the government.

Editing by Reiner Simanjuntak