PGN seeks loan worth US$560m

Fri, 09/26/2008 10:56 AM | Business

JAKARTA: State gas distributor PT PGN is seeking loans worth US$560 million to finance the construction of a liquefied natural gas (LNG) plant in Cilegon, Banten.

Company president director Hendi P. Santoso said the company was in talks with a number of foreign banks to discuss the loan arrangements.

He said the project would require a total investment of $800 million, of which 70 percent would be secured from loans and 30 percent from internal cash.

The government has appointed PGN as the leader of the project along with state oil and gas firm PT Pertamina and state power firm PT PLN. -- JP

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