Medco secures $120m of loan to build C. Sulawesi LNG project
Thursday, January 6 2011 - 04:52 AM WIB
Indonesian Exchange-listed energy firm PT Medco Energi International through its wholly-owned subsidiary PT Medco LNG Indonesia (MLI) has secured US$120 million of loan from Japanese firm Mitsubishi Corp to build Donggi-Senoro LNG project in Central Sulawesi.
The loan agreement was signed on Dec 31, 2010 with an interest rate of 3.75 percent per annum above LIBOR, Medco said in statement to the bourse.
The LNG project is being developed by a joint venture in which Mitsubishi Corp. holds a 51 percent stake. PT Pertamina has a 29 percent share while MedcoEnergi, through MLI holds the rest.
The investment value for the project is about US$2.8 billion, Medco said. (denny)