Deutsche Bank?s loan to TPPI delayed
Thursday, May 5 2011 - 01:17 AM WIB
A lending agreement between Deutsche Bank and PT Trans Pacific Petrochemical Indotama (TPPI) has been delayed, president director of TPPI?s holding firm PT Tuban Petrochemical Industries.
Amir Sambodo said that TPPI and Pertamina have yet to reach final agreement on the size of the debt, as the Pertamina officials involved in talks with TPPI needed to consult Pertamina?s board of commissioners first before striking a deal. This has lead to the delay in the signing of the lending agreement with Deusche Bank.
Amir earlier said that the lending deal was supposed to be signed on Wednesday. Deustche Bank was expected to provide US$1.1 billion worth of loans, which will be used by TPPI to refinance its debts including $375 million owed to state oil and gas firm Pertamina. (*)