Jakarta, CNBC Indonesia – Issuer of upstream oil and gas services whose shares are held by the husband of PDIP politician Puan Maharani, Hapsoro, PT Rukun Raharja Tbk (KING) The target is that the gas pipeline project in the Rokan Block will contribute revenue of US$ 100 million or Rp 1.43 trillion.
With 25% ownership of the company’s shares in the Balam-Bangko-Dumai corridor and the Minas-Duri-Dumai corridor, the project will generate revenues of US$ 20 million equivalent to Rp 286 billion assuming an exchange rate of Rp 14,300 per US$ for the company.
Director of Rukun Raharja Oka Lesmana said the project in the Rokan Block is currently in the finalization stage with PT Pertamina Hilir Rokan (PHR). Currently, the existing pipeline project is capable of flowing 160 thousand barrels per day.
“For example, we project that the total along the pipeline will generate US$ 100 million per year. The Rukun Raharja portion has 25%, an assumption of US$ 20 million a year,” said Oka Lesmana, in a public presentation, Friday (10/9/2021) .
On the same occasion, the President Director of RAJA, Djauhar Maulidi, targets the construction process and commercial agreement to be completed this year. So, at the beginning of next year it will start operating.
“The target, in the first quarter of 2022 can be clear,” said Djauhar.
As is known, the investment value of the joint operation project reaches US$ 300.62 million or equivalent to Rp. 4.20 trillion, assuming an average exchange rate of Rp. 14,000 per US dollar.
Rukun Raharja invested 25% of the total funding of US$ 75.16 million. Meanwhile, Pertagas will provide a financing contribution of 75 percent of the investment or US$ 225.47 million.
This transaction is expected to increase the company’s profit in the future and increase investment attractiveness.
Some of the considerations for conducting this KSO, among others, the company and Pertagas, a subsidiary of PT Pertamina (Persero), have similar business activities, which are engaged in oil and gas business activities.
In addition, this collaboration is an effort between the company and Pertagas in facing the rapid growth in the field of transportation of oil and gas through pipelines. It is hoped that the construction of the pipeline in the corridor will support the company’s long-term growth.
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