The natural gas producer, PT Perusahaan Gas Negara Tbk (IDX: PGAS), reported the sales volume increased 7.86 percent to 916 billion british thermal unit per day in the first quarter of 2021 - Photo by Pertamina Office

JAKARTA (TheInsiderStories) – The natural gas producer, PT Perusahaan Gas Negara Tbk (IDX: PGAS), reported the sales volume increased 7.86 percent to 916 billion british thermal unit per day (BBTUD) in the first quarter of 2021. In detailed, the company sold 835 BBTUD and the unit, PT Pertagas, 81 BBTUD.

The director finance, Arie Nobelta Kaban, stated that the increase was driven by growth in natural gas consumption from the power generation sector and the retail industry rebounded. Currently, the state-owned company has served more than 495,000 customers in the household, industrial, and power generation sectors. He adds, the company will continue to optimize the distribution of natural gas.

In the same quarter, Perusahaan Gas Negara reported net revenues US$733.15 million, an operating profit of $95.90 million, EBITDA $191.24 million, and net profits $61.5 million, an increase of 28.93 percent  compared to the same period in the first quarter of 2020 amounted to $47.7 million.

According to the study it is estimated that there will be an increase in demand of liquified natural gas (LNG) to around 550 million tones per annum by 2030. Director at the issuer, Syahrial Mukhtar, Perusahaan Gas Negara to build the infrastructure and assets needed to manage the retail LNG. For global markets, the company is also conducting approaches with players in Thailand, Myanmar, the Philippines, and Vietnam.

“In addition to the LNG business potential, (we) will play an active role in supporting the refinery program, one of which is by building a Small Land-Based LNG Regasification Terminal facility in Cilacap which is estimated to produce ramp up volumes of up to 111 MMSCFD,” he noted.

In the medium term, Perusahaan Gas Negara is building the Senipah – Balikpapan Gas Pipeline infrastructure to meet the needs of the Balikpapan Refinery. Its estimated that the pipeline can support an efficient gas distribution for the refineries with a ramp up volume of up to 194 MMSCFD. The two gas infrastructures for the refinery are targeted for completion in 2023.

This year, the gas producer and distributor will also completed the construction of the Rokan Oil Pipe along the 367 kilometers in the Minas – Duri – Dumai corridor and the Balam – Bangko – Dumai Corridor in Rokan working areas located in South Sumatera. Its hoped that the project will become one of the long-term sources of revenue that has the potential to channel 200,000 – 265,000 barrel oil of equivalent.

He continued, the unit of energy producer PT Pertaminawill also continues to evaluate the financing of infrastructure projects that are currently being planned or built. This step is taken to ensure that each project is able to achieve optimal economies of scale with efficient financing.

On Monday, the shareholders of Pertamina has appointed M. Haryo Yunianto as the president director of Subholding Gas Pertamina. Formerly he became the director of business support of the energy producer since June 12, 2020, and previously as director of PT Pertamina Asset Management.

Written by Editorial Staff, Email: theinsiderstories@gmail.com