JAKARTA. PT Chandra Asri Petrochemical Tbk (TPIA) has obtained a loan facility of USD 100 million from PT Bank OCBC NISP Tbk (OCBC) to drive the progress of the petrochemical industry.
Said facility has a tenor of ten years, as stated in the information disclosure in Indonesia Stock Exchange (IDX).
Martin Widjaja, Director of NISP, said that this strategic cooperation is a good start for NISP and TPIA. “We wish to be able to provide an integrated and comprehensive financial service so that Chandra Asri may remain the most extensive and integrated petrochemical manufacturer in Indonesia,” he added.
Meanwhile, Andre Khor, Chief Financial Officer of TPIA, said that this facility procurement is a manifestation of the company’s commitment in business sustainability. “The bank’s commitment in a long-term partnership and its profound comprehension regarding its own user’s business model is a proof of NISP’s commitment to support sustainability while still having a strong consumer focus,” he explained in detail.
For the record, TPIA is currently increasing its production capacity. This upgrade is required to meet the higher demand for petrochemical products within the country.
One of the initiatives that TPIA has carried out is building its second petrochemical complex. With this new complex in construction, TPIA aims to reduce the country’s dependence in imported products. (KR/ZH)
Source: idnfinancials.com.sg July 7, 2022