Up 18.2 Percent, Pertagas Earns 196.7 Million US Dollars Net Profit In 2023

Financial Reports (Photo: Antara)

JAKARTA - PT Pertamina Gas (Pertagas) recorded a net profit of 196.7 million US dollars throughout 2023. This amount increased by 18.2 percent compared to the 2022 net profit achievement of 164.7 million US dollars.

The increase in net profit was driven by an increase in revenue from US$679.6 million in 2022 to US$793 million last year. The positive and largest financial performance for Pertagas is projected to continue in 2024.

"This year, Pertagas' profit target is 218 million US dollars. This target if achieved is the first achievement for Pertagas," said Pertagas President Director Gamal Imam Santoso quoting Antara.

Pertagas' financial performance throughout 2023 was supported by excellent operating performance. Two major Pertagas business segments, gas and oil transportation, which contributed about 54 percent to the company's financial performance, recorded a significant increase.

In the oil transportation business segment, Pertagas recorded an increase of 404.91 percent to 56,858 Mboe compared to the realization of 2022 of 14,042 Mboe. The increase in the performance of the oil transportation business was driven by the operation of the Rokan Oil Pipe. This pipeline was built and managed by Pertagas starting the initial distribution of Pertamina Hulu Rokan oil in February 2022 and fully operational at the end of December 2022.

Gamal said Pertagas had started shifting, from previously focusing on distributing natural gas throughout Indonesia, now it has turned into an energy infrastructure company.

Pertagas no longer engages in the natural gas business, but is already more advanced. In fact, currently it already has oil pipeline infrastructure in the Rokan Block managed by Pertamina Hulu Rokan. Rokan pipeline infrastructure has been running for more than 1 year and has flowed.

"We also contribute to helping PHR, which is today the company with the largest oil lifting in Indonesia," said Gamal.

Apart from oil transportation. Pertagas also recorded an increase in gas transportation performance throughout 2023 to 526,461 MMscf or 108.37 percent compared to the realization in 2022 of 485,808 MMscf. The increase in gas transportation operations is supported by an increase in gas flow volume by the shipper, operational optimization and an increase in the volume of regasification.

In 2023, the volume of regasification was recorded to have increased to 57,685 BBtu or 109.75 percent compared to the 2022 achievement of 52,559 BBtu. LNG regasification business activities were carried out by Pertagas' subsidiary, namely PT Perta Arun Gas through the operation of the LNG Receipt and Regasification Terminal in Arun Lhokseumawe Aceh.

Pertagas has also penetrated the LNG business, especially related to infrastructure in the Arun area. The LNG Hub & Arun Terminal is currently managed by Perta Arun Gas. In addition to regasing, Perta Arun has also led to LNG storage with the current facilities, namely four tanks that are still active as a bunkering place for LNG.

"We also have a subsidiary, Pertagas Niaga which produces and sells mini LNG. This is already running and we sell LNG retailly, for example in Bali and parts of Kalimantan," said Gamal.

Gamal said this year, Pertagas also allocated a capital expenditure of US$77 million, most of which was allocated for the development of energy infrastructure in Arun.

"The rest is allocated for the needs of upgrading oil pipeline facilities in Rokan. In addition, there is an allocation for the Cikampek-Plumpang fuel pipeline project," said Gamal.