- Antara/Adnan
VIVAnews – Indonesia's PT Pupuk Kalimantan Timur obtained a loan amounting to Rp1.35 trillion and US$ 337 million or a total of Rp4.38 billion from five banks in Indonesia. These loans, with a loan term of 10 years, are used for the construction of Kaltim-5 Factory.
PT Bank Mandiri Tbk was appointed as the Mandated Lead Arranger for the syndicate financing of Rp1.35 trillion and the Mandated Lead Arranger for foreign currency denominated loans of US$ 337 million along with PT Bank Rakyat Indonesia Tbk and PT Bank Central Asia Tbk. Other banks joining the syndicate are Bank Kaltim and Bank Jabar Banten.
Of that amount, Bank Mandiri provided Rp1.2 trillion and US$ 162.7 million of loans.
Bank Mandiri Director Zulkifli Zaini said the financing commitment is equivalent to 70 percent of the total needs of Kaltim Factory-5 development, which reached more than Rp6.1 trillion.
The remainder, or 30 percent, will be met through internal funding of the company.
According to the Pupuk Kaltim Managing Director Aas Asikin Idat, Kaltim-5 Factory is the realization of the Fertilizer Industry Revitalization Program in accordance with Presidential Instruction No. 2 of 2010.
"This plant will replace the Kaltim-1 Factory that has been quite old and already inefficient in energy consumption," he said in Jakarta, Monday.
Aas said the Kaltim-5 plant also has a much greater capacity than the Kaltim-1, that is 1.15 million tons of granular urea and 825,000 tons of ammonia a year. This plant will become the largest urea plant unit in Southeast Asia.
The construction of the project takes 33 months to complete. If the Kaltim-5 factory operates, Pupuk Kaltim’s urea and ammonia fertilizers production capacity is expected to increase by 450,000 tons. The total production would be 3.43 million tons of urea a year and 2.08 million tons of ammonia a year.
Aas said, Kaltim-5 plant will use energy-saving technologies with efficient raw material consumption. The energy consumption per ton of urea produced by this factory is 25 mmbtu/ton.
"It is much more efficient than the Kaltim-1 plant’s 38 mmbtu / ton, which will be replaced," he said.
In addition, the construction of the plant reduced the consumption of natural gas, of which the supply is ever decreasing. "The need for the steam utility at this plant will be supplied from coal-fired boiler unit," he said.
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