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Indonesia’s Pertamina shipping unit secures $185 mln syndicated loan

Pertamina International Shipping (PIS), a unit of Indonesia’s state energy firm, has secured a $185 million syndicated loan to fund investment in its fleet and infrastructure, the company said.

The loan would be used to expand its fleet and upgrade a liquefied petroleum gas (LPG) terminal and is expected to boost the company’s revenue and profit this year, PIS director of finance Diah Kurniawati said in a statement.

The lenders include Sumitomo Mitsui Banking Corporation, Mitsubishi UFJ Financial Group Inc., Mizuho Bank Ltd, BTPN and Indonesian state banks, Bank Mandiri and BNI, the company said.

PIS has announced the addition of two small LPG carriers with a capacity of 3,500 cubic metres each this year, which could be use to transport LPG, chemical cargoand ammonia for domestic and overseas markets.
Source: Reuters (Reporting by Bernadette Christina Munthe; Editing by Ed Davies)

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