PGN on the raise

State owned gas distributor PT Perusahaan Gas Negara (PGN) reported an increase in revenue and operating profit during the first six months of the year from a year earlier, supported by higher volume of gas distribution and transmission.

Revenue reached US$1.18 billion, as against $1.08 billion in the previous year, while operating profit stood at $518.6 million from $491.2 million, the publicly listed firm said in a media statement released on Wednesday.

During the first half, gas sales volume averaged 800 mmscfd with the firm?s transmission business 885 mmscfd.

Its distribution line rose thanks mainly to the flows of gas from Terang Sirasun Batur fields, operated by Kangean Energi Indonesia ltd, which started at the end of May. In the same period last year, PGN distributed 782 mmscfd of gas.

In its transmission business, gas volume flowed through transmission pipelines also increased 5 percent to 885 mmscfd from 846 mmscfd, thanks to flow of gas resulted from a swap agreement between Pertamina and ConocoPhillips for state owned utility firm PT Perusahaan Listrik Negara (PLN).

PGN said the figures did not include a recent agreement to increase the selling price of gas, which will take effect starting September 1.

Editing by Dadan Wijaksana