Pertagas to double investment in 2012

PT Pertamina Gas (Pertagas), a subsidiary of state oil and gas company PT Pertamina, to double its investment target in 2012 to Rp 2 trillion, from this year?s target of Rp1.038 trillion, company President Director Gunung Sardjono said.

He said as for 2011, the realized investment reached Rp 1 trillion, or 95 percent from the target.

The funds will be allocated to construct LNG project in South Sumatera, Tempino-Plaju pipe, floating storage and regasification unit (FSRU) Central Java, Semarang-Gresik pipe, Simenggaris-Bunyu pipeline project, 'mother & daughter? gas and compressed natural gas (BBG/CNG) station, LNG receiving terminals in eastern Indonesia, Sardjono said.

He added the company expects to post net profit of Rp 750 billion in 2011, higher than the company?s target of Rp 627 billion and expects to further increase to above Rp 1 trillion in 2012.

PT Pertagas was established on February 23, 2007 with a focus on gas transportation, trading and processing. In gas transmission business, Pertagas owns a gas pipeline network with a total volume of 34,000 km-inches in Northern Sumatra, Central Sumatra, Southern Sumatra, Western Java, Eastern Java, and East Kalimantan. (godang)