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Barito Pacific allocates US$ 175 million capex for subsidiary

30 March 2021 06:31

JAKARTA. PT Barito Pacific Tbk (BRPT) allocated capital expenditures of up to US$ 175 million this year to fund its subsidiary businesses in the energy and petrochemical sectors.

Barito Pacific Director David Kosasih explained that most of the funds to be taken from internal cash will be used for operational maintenance and continuing drilling programs in the energy sector, namely Star Energy.

In a public expose on Monday (29/3/2021), David said that this year's Barito Pacific will focus on the energy and petrochemical sector because it sees positive business opportunities this year. According to David, the petrochemical sector is closely related to economic growth.

"We hope that conditions will improve in 2021 and we will continue to strive to meet domestic petrochemical needs, reduce the import portion and maintain smooth operations," said David.

Last year, a subsidiary of BRPT in the petrochemical sector, PT Chandra Asri Petrochemical Tbk (TPIA), completed the first MTBE and Butene-1 factories in Indonesia. The factory capacity will increase from 4.06 million tons per year to 4.23 million tons. (AM/LM)

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