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Pertamina gets $1.85B syndicated loan

Indonesia’s state energy firm Pertamina has secured a $1.85 billion financing for its Jambaran-Tiung Biru natural gas project from a consortium of 12 banks led by Japanese lender Mitsubishi UFJ Financial Group (MUFG), Pertamina and MUFG said in separate statements.

The deal, among the largest project financing by Pertamina, was unique because it included Islamic project finance facilities under trustee borrowing schemes, MUFG said. 

The conventional and Islamic tranches each has project finance facilities with 10- and 15-year tenors, the Japanese lender said.

The gas project has a production capacity of 192 million standard cubic feet per day (mmscfd), while the Jambaran-Tiung Biru field has 2.5 trillion cubic feet in reserves, Pertamina said. 

 The project is estimated to start production in 2021, the Indonesian state energy firm added (Reporting by Wilda Asmarini and Gayatri Suroyo, Editing by Sherry Jacob-Phillips)


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