AKR gets $60 million loans to build fuel terminal

IDX-listed fuel distributor and logistics firm AKR Corporindo, through its unit PT Jakarta Tank Terminal (JTT), has signed Term Facility Agreement A/B worth of US$60 million with foreign lenders.

AKR?s President Director Haryanto Adikoesoemo said on Wednesday that the lenders were the German Investment and Development Company of DED- Deutsche Investitions-Und Entwicklungsgesellschaft MBH and Nederlandse Financierings-Maatschappij Voor Ontwikkelingslanden N.V.

Acting as offshore security agent is Citicorp International Limited, while PT Bank Danamon Indonesia serves as onshore security agent.

The fuel terminal will be operated by PT Jakarta Tank Terminal (JTT), a joint venture between AKR and Dutch Royal Vopak

JTT will be 51 percent owned by AKR and the balance will be held by Vopak.

JTT will build a fuel and chemical terminal facility in the port of Tanjung Priok, Jakarta to meet the growing demand for fuel in Jakarta, Banten and West Java.

The facility, which will be built on a 15.5 hectares of lands, will have storage capacity of 450,000 cubic meters, 250,000 cubic meters of which will start operations in mid-2009. The second phase is expected to be completed in 2012.(denny)