PGEO EGMS Appoint Yurizki Rio As Director Of Finance

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JAKARTA - The Extraordinary General Meeting of Shareholders (EGMS) of PT Pertamina Geothermal Energy Tbk (PGEO) appointed Yurizki Rio as the finance director, replacing Nelwin Aldriansyah, who has served for three years.

President Commissioner of PT Pertamina Geothermal Energy Tbk Sarman Simanjorang said that the change in management of this board of directors is natural and the presence of Yurizki Rio is expected to be a positive stimulus to encourage the Company's business performance to improve in the future.

"We are taking this strategic step to strengthen financial management and accelerate the achievement of the company's goals in the geothermal industry, which will have increasingly potential for its future," said Sarman in his statement at the EGMS held at Grha Pertamina, Jakarta, Monday, February 12.

Sarman assessed that Yurizki Rio's proven experience in the investment banking industry, corporate finance, and investor relations are the main factors to optimize the Company's financial performance.

"PGE's business challenge in the future must be anticipated with a new spirit," he said.

Yurizki Rio is a bachelor's degree holder professional from the University of Texas, Dallas, United States and a master's degree from Prasetya Mulya University. From these two higher education, he consistently pursues financial study programs (finance).

Yurizki Rio previously occupied the position of Director - Head of Investment Banking Advisory / M&A at PT BNI Sekuritas (BNIS). As a professional who has been in the financial industry for 15 years, he specializes in finding sources of financing or funding, debt restructuring, mergers and acquisitions as well as creating a digital payment system model.

On this occasion of the EGMS, Sarman also expressed his appreciation for the performance that Nelwin had given for three years, devoted his ability to the Company.

"During his term of office, Mr. Nelwin has contributed significantly in encouraging the Company's financial performance to be better," he said.

In addition to announcing the change of directors, the Company also submitted a positive company production report for 2023.

The realization of production until September 2023 reached 3,586 Gigawatt hours (GWh), where this showed an increase in production by 4.3 percent in the same period in the previous year.

President Director of PT Pertamina Geothermal Energy Tbk Julfi Hadi said the increase in production was caused by several factors.

"One of them is the completion of the debottlenecking depletion project in the Ulubelu area and the acceleration of the completion of planned maintenance activities at a number of power plants in the Company's working area," he said.

PGE also announced another achievement that was achieved in 2023. One of them is the formation of the Joint Venture Company (JVC), namely PT Cahaya Anagata Energy with Chevron New Energies Holdings Indonesia Ltd. (Chevron) to develop the Way Ratai Geothermal Working Area (WKP), Lampung.

This achievement is an impetus for us to continue to optimize operations in providing clean energy to the community. In the future, we will continue to be committed to strengthening the role of renewable energy in the national energy mix, as well as concrete steps towards Net Zero Emission 2060," he said.

For information, PGE currently manages 13 Geothermal Working Areas (WKP) and 1 Assignment Work Area with an installed capacity of 1,877 MW.