Pertamina secures loan to develop Bekasi oilfield
Monday, October 1 2007 - 06:43 AM WIB
State oil and gas company PT.Pertamina said it had closed deal to receive US$250 million from BNP Paribas to develop Pertamina’s Pondok Tengah oil, gas field in Bekasi, West Java.
CFO Frederick Siahaan said the loan will have tenure of 7 years with interest rate LIBOR + 1 percent, lower than the rate offered by its closest competitor Sumitomo-Mitsui Banking Corp.
Siahaan said some $60 million of the loan would be disbursed this year.
Pertamina is seeking loans amounting US$250 million to finance the US$475 million project. The remainder will be covered with the company's internal resources.
Pondok Tengah currently produces around 4,000 BPD. Pertamina is planning to ramp up production to 18,000 BPD in 2008. (godang)