JAKARTA : Indonesia's state energy company Pertamina reached a $3.1 billion financing deal with a number of export credit agencies and commercial banks to fund the upgrade of its Balikpapan refinery, the company said on Saturday.
Pertamina will use the funds for the expansion of its Balikpapan oil refinery to a capacity of 360,000 barrels per day , from 260,000 bpd. The refinery would also be able to produce fuel with Euro V emission standards after the upgrade, the company said. As of June, the Balikpapan construction was about 74 per cent complete, according to Feri Yani, president director of Kilang Pertamina Balikpapan, the company unit responsible for the refinery.
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