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LNG shipper GTS Internasional seeks $30 million from IPO
The lion’s share of the funds, 64 percent, would be used to develop a floating storage regasification unit (FSRU) -- a ship that reconverts LNG into gas for distribution.
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The Jawa Satu floating storage regasification unit (FSRU) vessel is owned by PT GTS Internasional. (Courtesy of PT GTS Internasional/-)
L
iquefied natural gas (LNG) shipping company PT GTS Internasional plans to raise up to Rp 429 billion (US$29.7 million) from its initial public offering (IPO) in September, mainly to build new infrastructure, amid an expected increase in Indonesia’s national gas output.
The company said on Thursday that the lion’s share of the funds, 64 percent, would be loaned to subsidiary PT Anoa Sulawesi Regas (ANOA) to develop a floating storage regasification unit (FSRU) -- a ship that reconverts LNG into gas for distribution.
GTS Internasional president director Kemal Imam Santoso said the FSRU, slated to start operations in the fourth quarter this year, would help supply gas to power plants in North Sulawesi.
“Our business growth will be accelerated through service expansion and potential business acquisitions to increase our revenue. This will also increase our market share significantly,” he said during an online press briefing.
The company claims to have a 34.62 percent market share of the Indonesian FSRU industry and a 52.41 percent market share of the Indonesian LNG carrier (LNGC) industry, according to the company’s prospectus.
The company’s expansion plans come as the Upstream Oil and Gas Special Regulatory Task Force (SKKMigas) works toward doubling gas production over this decade to 12,300 million cubic feet per day by 2030.
Read also: Indonesia aims to double gas production by 2030 with major projects in pipeline
