Pertamina Tongkang to issue bonds worth around $150 million
Friday, September 12 2003 - 02:37 AM WIB
PT Pertamina Tongkang, the shipping unit of state oil and gas firm Pertamina, will next month issue rupiah-denominated bonds worth Rp425 billion and dollar-denominated bonds worth US$100 million, Bisnis Indonesia reported Friday.
The rupiah bonds will be equivalent to $50 million, assuming that rupiah exchange rate against the US dollar stands at Rp 8,500, the paper quoted as saying the company?s chief of commissioners Ibrahim Hasyim.
The proceeds of the bond issuance will be used for buying 12 oil tankers, Ibrahim said Thursday.
The company needs $280 million for buying the 12 carries, and not $300 million as previously revealed, Ibrahim said.
Korean Exim Bank will provide Pertamina Tongkang with $130 million in export credit for procuring the tankers, Ibrahim added.
Pertamina currently operates 130 crude fuel tankers, 32 of which are owned by Pertamina Tongkang. (*)