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.