JAKARTA. PT Elnusa Tbk (ELSA), a subsidiary of PT Pertamina Hulu Energi (PHE) integrated in the sub-holding of upstreaming business of Pertamina, prepares capital expenditure (capex) of IDR 526 billion this year.

This capex is 5.2% higher than the budget last year, in which ELSA set up capex of IDR 500 billion. In realisation, the total capex absorbed by the company in 2022 was only IDR 495 billion.

Arief Prasetyo Handoyo, Director of Business Development of ELSA, said that this year’s capex will be allocated to the upstreaming service business line of 53%. Then, another 31% will be allocated to energy distribution and logistics service business line, while the remaining 9% is set aside for upstreaming supporting business and business development.

“Through this allocated capital expenditure, Elnusa is committed to invest in initiating sustainable business development in order to push the company’s growth in the future,” Handoyo added in the official statement.

With this capex budget, Handoyo said, ELSA is currently preparing several endeavours to drive business expansion, ranging from the increase of oil and gas exploration capacity, non-fuel business expansion, optimalisation of downstream and upstream chemical market, as well as extension of fleet for fuel transport.

“We also keep trying to provide positive value for shareholders, as well as clients. We eye 2024 optimistically, in which we will be able to record another positive performance by accelerating competitive business growth,” added Handoyo. (KR/ZH)