PT Surya Esa Perkasa Tbk.’s subsidiary PT Panca Amara Utama
signs Mandate Letter with the International Finance Corporation
Jakarta, 5 November 2012 – PT Surya Esa Perkasa Tbk. (“SEP” or the “Company”), Indonesia’s only listed LPG Refiner, is pleased to announce that its 59.98% subsidiary PT Panca Amara Utama (“PAU”) has signed a Mandate Letter with the International Finance Corporation (“IFC”), a member of the World Bank Group. Under the Mandate Letter, the IFC has proposed to arrange USD 500 million debt financing for PAU’s USD 750 million Ammonia Plant in Central Sulawesi.
Under the terms of the Mandate Letter, the IFC will consider providing up to USD 100 million under its own loan account, mobilize USD 400 million from parallel lenders on a syndicated basis, and provide equity of up to USD 25 million. IFC’s commitment to arrange financing and equity shall be subject to a satisfactory technical, financial, environmental, social and legal appraisal, in addition to obtaining credit and board approvals.
The Company looks to accomplish financial close for PAU by March 2013.
About PT Surya Esa Perkasa Tbk.
SEP was established in 2006 to play an active and leading role in national self-sufficiency of downstream gas value-added products. Its main business is the refining and processing of natural gas to produce LPG (liquefied petroleum gas) and Condensate. It owns and operates the second largest domestic LPG refinery in Indonesia (excluding PSC Operators). The company is headquartered in Jakarta, Indonesia, with a production facility in Palembang, Indonesia. On 1 February 2012, SEP became the first LPG refiner to list on the Indonesia Stock Exchange (IDX ticker: ESSA).
In August 2011, SEP acquired 59.98% of PT Panca Amara Utama (PAU), a company that has received a 55 MMSCFD natural gas allocation from the Senoro-Toili Working Area in Central Sulawesi, Indonesia. PAU plans to build a 700,000 MT per year ammonia facility and is expected to begin commercial production in Q3 2015 with an estimated project cost of USD 750 million. This project supports the government’s directive to maximize domestic utilization and value addition of natural gas, in addition to strengthening national food supply security by encouraging fertilizer production.
For further information please contact:
Corporate Secretary & Head of Investor Relations
Tel: +62 21 5790 3701
Fax: +62 21 5790 3702