Pertamina receives loan

JAKARTA (JP): U.S. Exim Bank has agreed to provide state-owned oil and gas company Pertamina with a US$285 million loan facility to refinance part of its debt to an international bank syndication led by Hong Kong's Citicorp, Pertamina said on Monday.

Company spokesperson Ramli Djaafar said in a statement Pertamina had borrowed $633 million from the bank syndication to finance its project to overcome the bottleneck at its Cilacap refinery in Central Java.

According to the statement, the U.S. bank deal was reached on Aug. 24 in Washington.

The project was carried out by U.S. construction company Fluor Daniel Engineering and Construction Ltd. and was completed in March. (01)