Friday, February 23, 2024

AKR Corporindo expands LNG project in collaboration with BP gas and Power Investment Limited

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PT AKR Corporindo Tbk (AKRA), a prominent oil distributor, is set to embark on a liquefied natural gas (LNG) project in the Java Integrated Industrial and Port Estate (KEK JIIPE) in Gresik, East Java. 

The project, developed in collaboration with BP Gas and Power Investments Limited, is scheduled to commence operations around 2027, aligning with the initiation of various projects with substantial gas consumption in JIIPE.

Suresh Vembu, Corporate Secretary of AKR Corporindo, stated that the project is designed to provide gas supply to tenants in the JIIPE area. 

“It also has the potential for excess capacity that can be utilized to supply the existing gas pipeline network in East Java,” added Suresh on December 6, 2023.

In its financial report, AKRA recorded a attributable net profit to the parent entity of IDR 1.71 trillion in the third quarter of 2023. 

The company’s profit increased by 9.35% compared to the same period the previous year, reaching IDR 1.56 trillion.

However, the company’s revenue saw a 13.4% decline, amounting to IDR 29.76 trillion in the first nine months of 2023, down from IDR 34.37 trillion.

Meanwhile, AKRA’s stock experienced a 0.36% correction to IDR 1,400 per share from the previous day’s closing position of IDR 1,405 per share, with a transaction value of IDR 34.73 billion. 

The stock initially touched the green zone, reaching IDR 1,410 per share at the beginning of the trading day but couldn’t sustain the gain, slipping to IDR 1,380 per share as the lowest level.

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