EMP secures $275m loan from CSFB<\/p>\n
JAKARTA: The country's second largest oil and gas firm PT
\nEnergi Mega Persada (EMP) has secured a US$275 million credit
\nfacility from Credit Suisse First Boston (CSFB) to refinance its
\nloans and the operations of one of its oil blocks.<\/p>\n
In a statement sent to the Jakarta Stock Exchange on
\nWednesday, the company said that the loan, received through its
\nsubsidiary PT Energi Mega Pratama Inc. (EMP Inc.), would be
\neffective after obtaining an approval from shareholders through
\nan annual general shareholders meeting scheduled on May 30.<\/p>\n
\"The credit facility will be used to refinance EMP Inc.'s
\n(previous) credit facilities of $95 million and to cover the
\noperational cost of Kangean block,\" the company said in the
\nstatement.<\/p>\n
EMP plans to spend $400 million to develop Terang Sirasun, a
\nmajor gas field in the Kangean block in East Java, and expects
\nproduction to start in 2007.<\/p>\n
The company's net profit for 2004 reached Rp 74.2 billion
\n($7.84 million), almost five fold what it booked the previous
\nyear. -- JP<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/emp-secures-275m-loan-from-csfb-1447893297",
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"sponsor": "Okusi Associates",
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