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PGN to allocate $500 million for investment in 2019
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Buildings owned by state-owned gas subholding company PT Perusahaan Gas Negara (PGN). (Courtesy of/State-owned gas subholding company PGN )
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tate-owned gas subholding company PT Perusahaan Gas Negara (PGN) is set to disburse US$500 million for investment this year to develop 700 kilometers of gas pipelines.
PGN president director Gigih Prakoso also said three gas transmission projects – the Duri-Dumai, Gresik-Semarang and Grissik-Pusri pipelines – were ready to be operated.
"Currently, we have a total of 9,500 km of gas pipelines and this year we are likely to have an additional 700 km," he said on Thursday.
"We have allocated $500 million for investment this year and it is 10 percent higher than last year's realization."
Pertagas, which was previously owned by state energy holding company Pertamina, was integrated into PGN late last year to pave the way for PGN to become a state-owned subholding company.
Read also: PGN appoints Pertamina's Gigih Prakoso as new president director
Gigih expressed optimism over the company booking higher revenue this year with growth between 5 to 6 percent from last year's realization.
Up to the third quarter of 2018, the company booked $2.4 billion in net revenue, 12.9 percent higher than the $2.1 billion booked in the same period in 2017. (bbn)
