News Column

Indonesia : PT Chandra Asri receives loans worth US$533 MILLION

July 24, 2014

PT Chandra Asri Petrochemical (TPIA) has made the assets of its two subsidiaries, PT Styrindo Mono Indonesia and PT Petrokimia Butadine Indonesia, collateral for loans worth US$533 million.

A security sharing deal has been inked by Chandra Asri, along with its two subsidiaries,with nine lenders, comprising DBS Bank Ltd., Bank Central Asia (BCA) and Bank Danamon Indonesia.

As per Chandra Asri director Suryandi, The $542 million collateral was given pari passu to the nine banks .

The naphtha cracker expansion is required to back up Chandra Asri s other expansions on other products, like ethylene, propylene, pyrolysis gasoline and mixed C4 all use ethylene as their raw material.

The project would also see a boost in its annual production capacity of propylene by 150,000 tons to 470,000, pyrolysis gasoline by 120,000 tons to 400,000, and mixed C4 by 95,000 tons to 315,000 apart from higher ethylene production.

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Source: TendersInfo (India)

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