PGN's net profits surge 376 percent to Rp 433 billion
Saturday, February 5 2000 - 04:00 AM WIB
State gas distribution company PT Perusahaan Gas Negara (PGN) said on Friday its unaudited net profits increased by 376 percent to Rp 433.1 billion last year from Rp 90.9 billion in 1998, despite the lingering economic crisis, The Jakarta Post reported.
Company president Qoyum Abdul Tjandranegera said the significant rise in profits was mainly due to growth in its dollar revenue from natural gas distribution from gas fields in Grissik, South Sumatra to oil fields in Duri, Riau.
PGN has been operating a 544-kilometer pipeline - the country's longest - to transport 310 million cubic feet per day (MMCFD) of natural gas from the gas fields owned by Canadian firm Gulf Resources in Grissik to the Duri oil field of American oil and gas company PT Caltex Pacific Indonesia.
PGN receives 62 US cents per million British thermal unit (MMBTU) in transportation fee from Gulf. (*)