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Pertamina Geothermal Energy reports profits of $75 million in 2016

Geothermal pipes of Pertamina, Indonesia (source: zmiyatul.blogspot)
Alexander Richter 6 Apr 2017

In the release of its financial results for the year of 2016, state-owned Pertamina Geothermal Energy (PGE) reports profits of $75 million from its energy sales from geothermal power plants in Indonesia.

State-owned Pertamina Geothermal Energy (PGE) today reported its financial results for the year of 2016. The company realised profits of $75.16 million for the year with revenues of $211.24 million, as reported today from Jakarta.

“I would like to thank all those who have worked hard to achieve these results,” said Director of PGE Irfan Zainuddin at Pertamina Headquarters, Jakarta, today.

The company expects to finalise its contract amendments with PLN for the geothermal plant at Ulubelu in Lampung.

“We have already started operating, only the head of the agreement is still outstanding with an increase from currently $0.0753 to $0.084”, he said. The company is now waiting for the approval of the Minister of Energy and Mineral Resources (ESDM) by letter of PLN.

The next target for this year, is the acceleration of the operation of several plants, including Karaha (West Java), Lumut Balai (South Sumatra), and Lahendong (South Sulawesi). The next step of the Kamojang extension is also in its final stage.

Other targets are accelerating the development of a small-scale power plant, which is expected eventually to be discussed by PLN so it is not far from the price of $0.114.

To support development targets by 2025, PGE is planning exploration work in Margabayang and Mine Sawangan, Bengkulu.

Source: Antara News