Jakarta – Renewable energy company PT Pertamina Geothermal Energy Tbk (PGEO), realized a capital expenditure budget of USD47.85 million until the third quarter of 2024. The realization increased by 99.38% compared to the third quarter of 2023.
Pertamina Geothermal Finance Director Yurizki Rio, in a public, expose on Wednesday, November 6, stated that this year, the company has prepared a capital expenditure of up to USD547 million. The budget is divided based on organic development and maintenance capital expenditure of USD247 million and inorganic capital expenditure of USD300 million.
“And until now, indeed, our capex absorption compared to the target for nine months of 2024 is still below the target of USD173.6 million. And until now, the absorption for development has only been USD47.85 million,” said Yurizki.
Meanwhile, of the USD74.31 million budget portion for maintenance capex from the total allocation of USD247 million, only USD36.21 million has been absorbed by the company.
“But for organic capex, we need to say we are quite confident that the USD247 million will be absorbed in 2024, and until now, the progress is still USD47 plus USD36. This is only related to administrative issues,” said Yurizki.
PGEO is also confident that the USD 247 million organic capital expenditure budget will be fully absorbed by the end of 2024.
“As for inorganic activities amounting to USD 300 million, I will confirm that it will not be absorbed because after conducting a review in Turkey or local companies, we agreed and agreed not to continue activities in 2024,” said Yurizki. (hs)
