ELSA – Spent 57% of 2023' capex to support business expansion

ELSA – Spent 57% of 2023' capex to support business expansion Elnusa (ELSA) has allocated 57% of its 2023 capital expenditure (capex) of IDR500 bn to enhance business capacity and support investments. By the end of September 2023, the company focuses on efficient investments to bolster its core businesses, including upstream oil and gas services, energy distribution and logistics, and support services. These strategic investments aim to ensure long-term growth and operational excellence. Elnusa's capex utilization has primarily strengthened equipment and infrastructure to support business expansion. Moreover, the company explores opportunities in the emerging renewable energy sector and recently signed a Memorandum of Understanding with China's Daqing Oilfield Company, enhancing its presence in the oil and gas technology field. (Source: Investor Daily)