Petronas gets $460m loan

Petronas gets $460m loan

KUALA LUMPUR (AFP): Malaysia's national oil firm Petronas
yesterday secured a 1.15-billion-ringgit (US$460-million) short-
term loan from 25 financial institutions to fund its futuristic
twin tower project for the next two years.

Through its unit, Midciti Resources Sdn. Bhd. -- the company
developing the Petronas twin towers -- the oil corporation sealed
a deal with 24 banks as well as the national Employees Provident
Fund for a revolving credit facility.

The facility, jointly arranged by banking heavyweights Maybank
and Aseambankers, will allow Petronas to pay interest based on
the amount drawn down.

"The 1.15 billion ringgit facility under the arrangement
constitutes the second tranche of a total of 1.65 billion ringgit
Revolving Credit Facility which has been secured for the
project," said Petronas chairman Azizan Zainul Abidin.

The first tranche of 500 million ringgit was provided by
Maybank in September, said Azizan.