SMBC, BNP appointed financial advisors for Pertamina projects

State oil and gas company PT Pertamina said on Monday Senoro LNG partnership has appointed Sumitomo Mitsui Banking Corp (SMBC) as financial advisor to raise financing for the development of the Central Sulawesi LNG project.

CFO Frederick Siahaan told reporters that SMBC would be tasked to advise the partnership to raise US$800 million to develop the project, which will have capacity to produce 2-2.5MTPA of LNG.

Japan?s firm Mitsubishi Corp. will have 51 percent stake in Senoro LNG, with Pertamina and JSX-listed oil, gas company Medco Energi will have 29 percent and 20 percent, respectively.

Gas feed from the project will be sourced from two blocks operated by Pertamina (Donggi block) and Pertamina-Medco (Senoro-Toili block).

The project is estimated to cost US$1.2 billion. The plant is expected to be completed in 2010.

Elsewhere Frederick also said that Exxon Mobil and Pertamina has also appointed BNP Paribas as advisor to raise US$1 billion financing to develop the giant Cepu oil, gas block in Java.

Cepu, which is jointly operated by Pertamina and Exxon with 45 percent interest each will start early production from in 2009 with initial production of 10,000 BPD. Peak production of 165,000 BPD would be achieved in 2-3 years after first production. (godang)