Net profit of the state gas company (PGN/PT Perusahaan Gas Negara Tbk) in 2008 was estimated to exceed IDR5 trillion or sharply rose 688.9 percent as from the achievement in 2008 worth IDR633.86 billion.
Net profit from gas distribution stood at IDR4.2 trillion and the rest from the spread of exchange rate on the appreciation of rupiah against US dollar.
One executive said the soaring net profit is driven by the achievement of soaring gas volume sales which partly supplied to some power plants.
"Besides, the exchange rate spread has made PGN financial performance increases sharply. The condition is different from that of in 2008 in which the losses of exchange rate has cut down PGN net profit," he said last week.
PGN in September has disbursed gas to PLN power plant in PLTGU Tanjung Priok and PLTG Muara Tawar Bekasi. In November, PGN channeled gas to PLTGU Cilegon.
When I asked about 2009 financial performance, finance director of PGN Reza Pahlevi claimed to have not informed as the financial report audit is still underway.
"But it could be said that the company performance in 2009 was better than the previous year. We are finalizing the audit of financial report."
PGN is channeling to industry and PLN power plants. PGN recorded IDR4.4 trillion net profit per September 2009 or sharply increased 145 percent as from last year following the soaring gas sales and rupiah appreciation.
PGN revenue up to September 2009 stood at IDR13.5 trillion or rose 50 percent from that of last year.
President Director of PGN Hendi Prio Santoso said the achievement is particularly contributed by the growing gas sales volume this year of 776 million cubic feet per day (MMscf) or rose 37 percent from last year.
Reza said the company committed to finalize the LNG terminal project in West Java and North Sumatra to supply gas in both regions.
"We are still finalizing the shares from PLN and Pertamina in the consortium for LNG terminal in West Java. We are still calculating the value. But we could prepare up to US$1 billion fund to develop terminal in West Java and North Sumatra."
PGN in September has disbursed gas to PLN power plant in PLTGU Tanjung Priok and PLTG Muara Tawar Bekasi. In November, PGN channeled gas to PLTGU Cilegon.
When I asked about 2009 financial performance, finance director of PGN Reza Pahlevi claimed to have not informed as the financial report audit is still underway.
"But it could be said that the company performance in 2009 was better than the previous year. We are finalizing the audit of financial report."
PGN is channeling to industry and PLN power plants. PGN recorded IDR4.4 trillion net profit per September 2009 or sharply increased 145 percent as from last year following the soaring gas sales and rupiah appreciation.
PGN revenue up to September 2009 stood at IDR13.5 trillion or rose 50 percent from that of last year.
President Director of PGN Hendi Prio Santoso said the achievement is particularly contributed by the growing gas sales volume this year of 776 million cubic feet per day (MMscf) or rose 37 percent from last year.
Reza said the company committed to finalize the LNG terminal project in West Java and North Sumatra to supply gas in both regions.
"We are still finalizing the shares from PLN and Pertamina in the consortium for LNG terminal in West Java. We are still calculating the value. But we could prepare up to US$1 billion fund to develop terminal in West Java and North Sumatra."
The fund need for LNG terminal development requires US$100-150 million investment per unit. The company might seek bank loan 70 percent and the other 30 percent from internal cash.
However, the development of LNG receiving terminal in West Java might be undermined with the absence of gas sell and purchase contract sign from the company, Total Indonesia, taken from Mahakam Block. PGN plans to sign gas contract with Total for 10 years for 2012-2022.
However, the development of LNG receiving terminal in West Java might be undermined with the absence of gas sell and purchase contract sign from the company, Total Indonesia, taken from Mahakam Block. PGN plans to sign gas contract with Total for 10 years for 2012-2022.
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