JAKARTA (rambuenergy.com) – PT Surya Eka Perkasa Tbk (ESSA), a publicly listed gas refiner, said it has signed a stand by letter of credit with PT Bank UOB Indonesia worth US$22 million.
The standby loan will be used as a guarantee for capital injection into PT Panca Amara Utama, a subsidiary of the company which is currently developing an ammonia plant in Banggai Regency, Central Sulawesi.
President Joko Widodo witnessed the groundbreaking of the project on Aug. 2, 2015, with total investment of US$830 million.
“The development of the ammonia plant is a commitment of the company and PAU to support the government’s policy to increase value added of the country’s natural resources,” he said.
The plant will receive gas from Senoro field and processed it into ammonia, raw material for making fertilizers.
Earlier, PAU has received syndicated loan commitment worth US$509 million led by the Internaitonal Finance Corporation (IFC), an arm of the World Bank. (*)