Kontan: PGN to Invest $500M on FSRU, Pipeline Projects

Reuters

Indonesia's top gas distributor, PT Perusahaan Gas Negara (PGN), plans to invest $500 million this year to finalise its floating storage receiving unit (FSRU) in Lampung and gas pipeline in Central Java, said Director Wahid Sutopo.

The company's capital expenditure reached $800 million up to September, spent acquiring oil and gas blocks in the United States and Central Java.

PGN's net profit reached $370.05 million in the first half, down 19 percent from $457.5 million a year earlier, and revenue rose 14 percent to $1.7 billion. (Kontan)

Note: Reuters has not verified this story and does not vouch for its accuracy.

(Compiled by Jakarta Newsroom)

Copyright 2017 Thomson Reuters. Click for Restrictions.

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