JAKARTA. PT Petrosea Tbk (PTRO) has set the budget of its capital expenditure (capex) this year to USD 178 million or IDR 2.7 trillion to promote business expansion and diversification plan.

The capex budget of PTRO this year is 30% higher than the previous year’s budget. In 2022, PTRO only set the capex budget to USD 137 million.

Romi Novan Indrawan, President Director of PTRO, said that the business expansion and diversification plan this year is in line with the value proposition development plan for its shareholders and stakeholers. “Petrosea has prepared the 2023 capex budget to increase by 30% from last year,” he added.

One of the diversification plans of PTRO that has been realised is the contract secured from PT Santana Rekso Nindhana. This contract involves the engineering, procurement, and construction management (EPCM) service in the gold mines that belong to PT Nusa Halmahera Minerals (NHM).

Furthermore, PTRO will continue to branch out and expand its business to other mineral sectors, including providing sustainable mining and engineering services, as well as procurement and construction services.

For the record, the contract value secured by PTRO throughout 2022 clocked up to USD 1.6 billion or IDR 24.8 trillion. (KR/ZH)