PT Perusahaan Gas Negara Tbk (PGAS) or PGN will develop its liquefied natural gas (LNG) business abroad this year.

The company has begun targeting Japan, South Korea, Taiwan, China, the Southeast Asia region, Pakistan, Turkey, and several countries in Europe.

For overseas expansion, PGN will approach LNG business players in the target countries, namely the Philippines, Myanmar, Vietnam, and Thailand. The company has intensive discussions with the Ministry of BUMN and the Indonesian Embassy.

This year, PGN is more optimistic about its financial performance due to the economic recovery factor. This optimism is reflected in the increased operational targets.

The company has set a target of gas trading volume to increase by 10.14% to 912 billion British thermal units per day (Bbtud) in 2020 compared to the realization in 2020, which amounted to 828 Bbtud. The company targets gas transmission volume to increase by 8.36% to 1,360 million standard cubic feet per day (mmscfd) from the previous 1,255 Mmscfd. It also increased the target for oil and gas volume lifting by 26.6% to 9.5 million barrels of oil equivalent per day (Mmboed) from the previous 7.5 Mmboed.

Then, the company targets the volume of gas processing operations to reach 162 TPD in 2021 compared to the realization in 2021 of 128 TPD, and oil transmission is expected to increase to 11.2 Mmboe from 3.7 Mmboe previously.

Meanwhile, regasification was reduced to 53 Bbtud from 95 Bbtud and LNG management to 55 Bbtud from zero previously.

"The revenue and profit target in 2021 is projected to be in line with the increase in operating volume. To support business performance, apart from focusing on the core business, PGN also continues to strengthen business diversification outside the natural gas business, which is still in line with its main business, "said management in its annual report, Monday (12/4).

Business diversification other than natural gas includes business expansion in telecommunications, construction, engineering, and property through subsidiaries and affiliates to achieve the company's revenue and profit projections.

PGN management assesses that PT Pertamina's transformation as an oil and gas holding company has given PGN a role as an operating sub-holding gas. This causes PGN to directly manage the natural gas business, including LNG, in an end-to-end manner. To carry out this mandate, PGN will focus on strategic matters and grow the business segment.