Benakat signs suretyship agreement with CIMB Niaga
Thursday, January 2 2014 - 01:24 AM WIB
IDX-listed PT Benakat Integra Tbk announced on Tuesday that it has signed a suretyship agreement with PT Bank CIMB Niaga Tbk and a guarantee agreement that puts its shares in PT Benakat Oil as collateral for the loan from the bank amounting to a maximum of US$34,994,000 for PT Benakat Barat Petroleum.
Benakat Barat Petroleum, which is a subsidiary of Benakat Oil, is the holder of the cooperation contract (KSO) with PT Pertamina EP to manage 73 km2 of oil and gas field operations in the West Benakat area.
The area is located 60 km Northwest of Prabumulih in South Sumatra. This KSO was obtained in March 2009 with a validity of 15 years. Previously, through PT Indelberg Indonesia, Benakat Oil managed the same field under the Joint Operating Body (JOB) contract with Pertamina EP from November 2004 until August 2007.
Editing by Johannes Simbolon