PGN secures $80 million loan
Tuesday, April 4 2006 - 12:13 AM WIB
JSX-listed state gas distribution firm PGN on Monday said it had secured US$80 million loan from The World Bank. The fund would be used to finance the company?s gas distribution network development for West Java area.
Director of Finance Djoko Pramono said that PGN would spend US$210 million to develop West Java gas distribution system.
PGN plans to develop distribution network to support its gas supply from South Sumatra gas fields, which would commence operations in early 2007. Gas from South Sumatra would be piped to western part of Java through 2 segments of pipelines. The pipelines would be able to send 900MMSCFD of gas from south Sumatra to West Java at its peak starting 2012. (petromindo)