PT Gas Negara aiming for Rp 90 billion net profit<\/p>\n
JAKARTA (JP): The state-owned PT Perusahaan Gas Negara (PGN),
\nrecently changing its legal status to a limited liability company
\nwith a commercial mission, forecast a net profit of Rp 90 billion
\n(US$38.96 million) this year.<\/p>\n
\"With our new legal status and business increasing, we expect
\nto reach a net profit of about Rp 90 billion this year,\" the
\ncompany's president, Qoyum Tjandranegara, told reporters after a
\nceremony for the installation of company directors and
\ncommissioners yesterday.<\/p>\n
Qoyum noted that last year, his company saw its net profit
\nincrease by 20 percent to Rp 78 billion, derived mostly from its
\noperation in the greater Jakarta area.<\/p>\n
He said PGN is currently making preparations to go public in
\nearly 1998. As part of the preparations, the company will soon
\nset up three subsidiaries: PT Transmisi, PT Distribusi and PT Co-
\nGeneration.<\/p>\n
Transmisi will specialize in piping gas to distribution
\ncenters and Distribusi will be in charge of distributing gas to
\nhouseholds and industrial users. Co-Generation will handle the
\ndiversification of gas usage, including the development of small-
\nscale, gas-fired power plants and high-rise buildings.<\/p>\n
He said PGN will eventually function as a holding company,
\ndealing only with investments and infrastructure developments.<\/p>\n
\"By changing its legal status, any private company can now
\njoin the state company in the gas business,\" he said.<\/p>\n
Qoyum said PGN has appointed Rothschild Ltd of Singapore as
\nits financial advisor in a tendering process to choose two
\ninvestors to become strategic partners of Transmisi.<\/p>\n
\"We're offering a 40 percent stake of Transmisi to other
\ninvestors,\" he said, adding that 11 foreign companies are
\nparticipating in the tendering process for the stake.<\/p>\n
Among the 11 foreign companies are British Gas of Britain,
\nEnron of the United States, Gas du France (France), Vital Gas
\n(Italy) and Trans Canada (Canada).<\/p>\n
\"From this direct placement, we expect to get between $250
\nmillion and $350 million in fresh funds from the strategic
\npartners to help finance our new projects in Sumatra,\" Qoyum
\nsaid.<\/p>\n
He said PGN will build an 800-km gas pipeline connecting the
\nAsamera gas field in Jambi province with Batam in Riau.<\/p>\n
To finance the project, expected to cost $600 million, PGN has
\nacquired soft loans from the Asian Development Bank, Japan Exim
\nBank and European Investment Bank.<\/p>\n
The directors installed yesterday included Qoyum as president,
\nRohali Sani as director of techniques, Nursubagjo Prijono as
\ndirector of development, W.M.P. Simanjuntak as director of
\nfinance and Supardjono Karimun as director of general affairs.<\/p>\n
The company's new board of commissioners is headed by
\nSoepraptomo Soelaiman. (13)<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/pt-gas-negara-aiming-for-rp-90-billion-net-profit-1447893297",
"image": ""
},
"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
}