Perusahaan Gas Negara Maintaining Cash Flow. Perusahaan Gas Negara Tbk (PGAS) has realize capital expenditure of US $ 123 million. This amount is equivalent to 41% -24.60%. Of the total Capital Expenditure / capex budget for 2020. Which ranges from US $ 300 to US $ 500 million. Finance Director, Arie Nobelta Kaban.
He said the low capex absorption this year was in line with the implementation of the Disbursement capex priority. In order to maintain the company’s cash flow to stay healthy. Currently, only Capex in Short Term is able to generate revenue. This policy result in the absorption of PGN’s consolidate capex of around 39-40%, he explain.
On a separate occasion, State Gas Company Secretary Rachmat Hutama explain. That the company has use as much as US $ 62 million of the capex. To support upstream / upstream and downstream / downstream businesses. Which cost US $ 62 million and US $ 58 million respectively. In addition, the company is currently developing a Fiber Optic network.
With an investment of US $ 3 million. In detail, the development of the upstream business includes the development of oil and gas blocks. Including the West Pangkah and Sidayu Fields, he explain. Rachmat continue that the overall development of the West Pangkah project has now reach 82%.
Meanwhile, in the Sidayu Field Project, the construction of the 2 platform construction fabrication work has reach 78% progress. Meanwhile, development in the downstream business includes the construction of the Rokan Oil Pipe, the Gresik – Semarang Transmission Pipe, the development of the Kuala Tanjung distribution pipeline.
And the development of fiber optic. First Welding in the Rokan Oil Pipe has been carry out, and it is target for full COD starting in the first trimester of 2022, he said. On the other hand, as the Sub-Holding Gas of PT Pertamina (Persero), this issuer code as PGN shares has manage to maintain its operational performance during Covid-19.
This was shown by the company with an increase in gas distribution volume in July 2020, namely 787 BBTUD to 819 BBTUD in August 2020. The distribution of natural gas to certain industrial customers in accordance with the Minister of Energy and Mineral Resources Decree 89K / 2020 has realize 71% of the total allocation.
In August 2020, the realization increase to 270 BBTUD from 250 BBTUD in July 2020. In addition, PGN’s subsidiary, PT Pertamina Gas (Pertagas) contribute 83 BBTUD and PT Gagas Energi Indonesia (Gagas) contribute 4 BBTUD. Meanwhile, the transmission volume increase from July 2020 by 1,226 MMSCFD to 1,257 MMSCFD in August 2020, he explain.
According to Rahmat, this is in line with the gas price policy stimulus which is apply to all industrial sectors customers of the Minister of Energy and Mineral Resources Ministerial Decree 89K / 2020. This is reflect in the statements of the ceramic industry players who will boost the export market.
We hope that the industry can continue to grow, so that there will be an increase in gas absorption. PGN’s optimism in implementing the ESDM Ministerial Decree 89K / 2020 is expect to be able to drive industrial productivity, he conclude.