Funds raised for Agip plant

Funds raised for Agip plant

ROME (Reuter): Italy's Agip Petroli HA has arranged funding of US$27 million with a pool of international banks for the construction of a regeneration plant for lubricant oils for a joint venture in Indonesia.

A statement from state controlled energy group Eni, Agip's parent, said the operation was in two equal tranches, half in local currency at the Indonesian interbank rate and half in dollars at a LIBOR-based rate, with a duration of four years plus two for preammortization.

The total investment for the PT Agip Lubrindo Patrama plant is $34 million, it said.