Korean Exim Bank agrees to finance Pertamina?s VLCCs
Tuesday, October 7 2003 - 02:24 AM WIB
PT. Pertamina Tongkang, shipping arm of state oil and gas company Pertamina said on Tuesday that Korean Exim Bank had agreed to provide 70 percent of financial requirement needed to procure 2 units of very large crude carrier (VLCC) from South Korean shipbuilder Hyundai Heavy Industries.
?Agreement will be signed soon,? said Pertamina Tongkang director Santoso Djoyokusumo.
Santoso said the VLCC cost US$65.4 million each, with delivery expected September and December next year.
The VLCCs would be used to transport crude from Middle East to Pertamina?s refineries.
Pertamina is aiming to strengthen its crude carrier fleet by ordering 12 crude tankers at various sizes. More tankers will be ordered in the next few years. (godang)