Exploitasi Energi secures loans

Indonesia-listed PT Exploitasi Energi Indonesia Tbk has secured Rp520 billion in loans to strengthen the firm?s operation so it can fulfill its coal sale contracts to customers.

Finance Director Jansen Surbakti said as reported by Investor Daily on Tuesday that the loans came from Bank Internasional Indonesia and Bank DBS Indonesia.

The loan will make up the most of the company?s working capital this year, which in total stands at Rp 600 billion. Jansen said the capital would enable the firm to meet its obligation to customers, in particular five coal sale contracts to PT Perusahaan Listrik Negara (PLN) and PT Indonesia Power which total about 2.5 million tons of coal per year.

The company also allocates funds to continue the construction of two coal fired power plants, PLTU Rengat and PLTU Tembilahan, in Riau. ?We hope to continue the development of the two plants, with completion scheduled for the end of next year,? Jansen said.

The firm targets revenue to hit Rp 1.2 trillion this year, about 20% increase from last year?s estimated revenue of Rp 1 trillion. (*)