State oil and gas company PT Pertamina and state gas-distribution company Perusahaan Gas Negara have established a joint-venture company to operate a floating terminal in West Java for the receiving and regasification of liquefied natural gas, as well as two future terminals in Medan and East Java. The new company, PT Nusantara Regas, will play a significant role in meeting the rapidly growing domestic demand for gas for electricity generation as well as the manufacturing of fertilizer and related products. Pertamina owns 60% of the company, while PGN owns the remainder. The authorized capital of Nusantara Regas is Rp2tn (US$222mn). The paid-up capital is Rp 500bn. The capacity of the terminal in West Java is around 3 million tons of gas per year and the terminal could begin operating before the end of 2011 (Jakarta Globe)
PGN also plan to acquire two gas fields worth US$350mn and has completed the due diligence process. PGN CEO expects to complete the acquisition in 2H2010. No details on specifics of the two gas fields. (www.koran-jakarta.com)
Amid a shortage of gas to fuel its power plants, state electricity company Perusahaan Listrik Negara may see its profit fall by 38.6% this year, the utility announced on Wednesday. Setio Anggoro Dewo, PLN’s finance director, told reporters that the company was penciling in potential losses of Rp4tn(US$444mn) on gas shortages.
Additionally, local media reported that PLN suffered a shortfall because of a reduced supply from state company Perusahaan Gas Negara. PGN has also suffered shortfalls after two other providers — ConocoPhillips and Pertamina Hulu Energy — cut their supply. ConocoPhillips is only able to deliver 250 MMSCFD of gas from its previous supply volume of 396 MMSCFD. Murtaqi Syamsuddin, PLN’s director of risk management, said the gas shortage could be seen at the Muara Tawar plant in Bekasi, where the supply has fallen from 230 BBTUD (207 MMSCFD) to less than 100 BBTUD (90 MMSCFD). “The gas shortage at the PLN power plant in Muara Tawar itself could cause a loss of Rp 2.4 trillion,” Setio said. (Jakarta Globe)
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