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