Elnusa secures US$20M loan from BRI

IDX-listed oil and gas service company PT Elnusa Tbk said it had secured a non-cash loan facility worth US$ 20 million from PT Bank Rakyat Indonesia Tbk. (BRI)

Elnusa Vice President/Corporate Secretary Fajriyah Usman said in a press statement on Thursday that by securing the loan the company would be able to cut cost between 0,25 percent and 0,75 percent per year, adding that getting the loan was part of the company?s efforts to improve performance, particularly through the restructurization of its financing.

Previously, Elnusa has also secured similar facility from PT Bank Negara Indonesia Tbk amounting to US$ 25 million.

According to him, the non-cash loan facility will be used to support the company's business operation including for tender and implementation of projects awarded by oil and gas production sharing contractors, and for the purchases of supporting equipment and facilities required for the operation.

Editing by Benget Besalicto Tnb.