Surya Esa?s subsidiary to set up ammonia plant
Friday, July 13 2012 - 01:52 AM WIB
PT Surya Esa Perkasa Tbk (ESSA) has agreed to lend Rp 81 billion (US$9 million) to its subsidiary PT Panca Amara Utama (PAU) to build an ammonia plant, Investor Daily reported on Friday.
In a report filed to the Indonesian Stock Exchange (IDX), ESSA said that the lending agreement with PAU was signed in July 10. ESSA, through subsidiary PT Spechem, has 59.98 percent stake in PAU.
PAU has obtained gas allocation from the Energy and Mineral Resources Ministry for the company?s ammonia plant. According to the plan, the company will invest up to US$750 million to build the ammonia plant which is expected to begin commercial production in 2015.
The executive director of ESSA, Vinod Laroya, has said that the ammonia plant would receive gas supply from the Senoro-Toili (Donggi-Senoro) gas block in Sulawesi.(*)