Sidomulyo to boost oil and gas transportation

PT Sidomulyo Selaras Tbk, a publicly listed company engaged in the transportation of chemical products, oil and gas, expects the contribution of oil and gas transportation will increase to 40 percent next year following the signing of new contracts recently, Bisnis Indonesia reported on Wednesday.

The company?s President Director Mien Sasminto said in Jakarta on Tuesday that Sidomulyo recently secured new contracts for the transportation of oil and gas from Pertamina and BWP Meruap.

The three-year contract worth Rp 130 billion are expected to further increase the contribution of the oil and gas transportation to the company?s total revenues, he said. ?We are also joining two tenders for the oil and gas transportation. We are optimistic we will be able to secure at least two more contracts,? he added.

At present, the transportation of chemical products contributes between 65 percent and 70 percent to the total revenues, with oil and gas transportation provides between 30 percent and 35 percent.

The company will also spend up to Rp 60 billion to further expand its transportation business next year. About Rp 25 billion will be used to buy new transportation vehicles and the remainders will be used to build a storage of chemical products, Mien said.(*)