Sep 6, 2010

PGN to spend US$550 million capex

State-owned gas distributor PT Perusahaan Gas Negara Tbk (PGN) plans to spend US$550 million capital expenditure (capex) next year to develop business and underpin gas block take over.
"The company will spend US$350 million to acquire gas block and US$200 million for working capital," said Perusahaan Gas President Director Handi P. Santoso as reported by Bisnis Indonesia today.
To finance the capex, PGAS is also considering external sources of financing. "We consider to buy two gas blocks. We can't declare their names."

Disclosure: No position at the stock mentioned above.

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