PGN targets Rp 368.4m profit

PGN targets Rp 368.4m profit

JAKARTA (JP): State-owned natural gas distribution company PT
Perusahaan Gas Negara (PGN) expects to record a 242 percent
increase in net profits as it marks up Rp 368.4 billion (US$46
million) this year against Rp 107.5 billion last year.

Company president A. Qoyum Tjandranegara said on Thursday that
the company was expecting its natural gas supply to increase by
95 percent to 522.85 million cubic feet per day (MMCFD) this
year.

"Our gas supply will significantly increase this year
following the recent operation of our gas pipelines in central
Sumatra," Qoyum was quoted by Antara as saying.

PGN started operating its 536-kilometer pipeline last October
to supply natural gas from the gas fields in Grissik, South
Sumatra owned by Canada's Gulf Resources to the oil fields in
Duri, Riau owned by PT Caltex Pacific Indonesia. The gas is used
to pump crude oil from the Duri oil wells.

PGN is reportedly transmitting 310 MMCFD of natural gas from
Grissik to Duri at a cost of 62 US cents per thousand cubic feet
per day (MCFD). (jsk)