JAKARTA - PT Indika Energy Tbk (INDY) absorbed US$ 28 million in capital expenditure (capex) as of the first quarter of 2019. This year INDY has budgeted capex of US$ 315 million, nearly double the amount of the 2018 capex of US$ 162.8 million.
“Most of the capex is allocated for the operations of our subsidiary Petrosea and the development of a fuel storage terminal in Karingau, East Kalimantan that is targeted to be completed next year,” said INDY Head of Corporate Communication Leonardus Herwindo as quoted by Kontan.co.id, Friday (3/5).
INDY’s capex will be allocated for Indika Resources at US$ 12.1 million, Kideco US$ 7.7 million, Petrosea US$ 177.2 million, Mitrabahtera US$ 11.7 million, Tripatra US$ 10 million, and the fuel storage project at US$ 94.6 million.
In Q2, added Mr Herwindo, INDY will optimise production in line with the company’s target and improve the efficiency of its subsidiaries.
“We will also improve synergy between our subsidiaries as well as their dexterity to make the most of every business opportunity. This is also the company’s main focus, which is expected to further increase Indika Energy Group’s operational productivity,” Mr Herwindo concluded. (MS)