Chandra Asri Provides $120 Million for Butadiene Plant

Friday, 27 January 2012 16:33

Written by Hans GN

Chandra Asri Petrochemical, Provides $120 Million for Butadiene Plant

JAKARTA, Indonesia Today - Petrochemical company PT Chandra Asri Petrochemical (TPIA), controlled by Prajogo Pangestu, provides fund of US$120 million, as loan to its unit PT Petrokimia Butadiene Indonesia, for the construction of butadiene plant and Butene-1 facility in Cilegon, West Java.

The construction had started and been inaugurated by Minister of Industry MS Hidayat and Trade Minister Gita Wirjawan in January 18, 2012.

Erwin Ciputra. TPIA's president director, said in press statement today that the loan carries interest rate of SIBOR plus 4.9% per annum and will be repaid in 12 installments in every six months. The first installment is set for May 21, 2013.

TPIA, Erwin said, had in November 21, 2011 taken US$150 million loan facility from financial institutions.

Suryandi, Corporate Secretary & Investor Relations Director of Chandra Asri, earlier said the construction of Butadiena and Butene-1 facility, with capacity of 100,000 tons and 40,000 tons per year each, will cost US$145 million. (hans@theindonesiatoday.com)

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