JAKARTA (Yosefardi) – After acquiring coal infrastructure company PT Astrindo Mahakarya Indonesia, PT Benakat Petroleum Energy Tbk (BIPI) changes its core business to logistic and infrastructure for energy, from oil and gas exploration.
Its name also changes into PT Benakat Integra Tbk. Astrindo, acquired in June 2013, is expected to contribute 50% to total BIPI’s revenues this year.
Michael Wong, BIPI’s finance director, said Astrindo is targeted to contribute 90% of total company’s revenues per year.
Astrindo is expected to book ebitda of US$300 million this year. The company currently has coal contracts with PT Kaltim Prima Coal (KPC) and PT Arutmin Indonesia for conveyor usage and port rental services.
Mining services conttributed revenues of Rp194.25 billion in first half of this year, or 42.53% of total revenues of Rp456.7 billion. While crude oil sales contributed revenues of Rp154.9 billion while crusher and port rental contributed the rest.
BIPI maintains its oil and gas business through PT Benakat Barat Petroleum and coal business through PT Java Mitra Sentosa.
BIPI had divested Patina Group Ltd, engaged in exploration and production of oil and natural gas, and will divest PT Nusa Energy Raya, manganese exploration company in Manggarai, East Nusa Tenggara (NTT), as BIPI could not build smelter.