JAKARTA (Yosefardi) – PT Surya Esa Perkasa Tbk (ESSA) has obtained loan of US$509 million from International Finance Corporation (IFC), member of World Bank.
The loan will be used to fund ammonia plant with capacity of 2,000 mptd in Luwuk, Central Sulawesi, constructed by its subsidiary PT Panca Amara Utama (PAU).
The project will enter its construction. ESSA has appointed PT Inti Karya Persada Tehnik and Toyo Engineering as contractor for engineering, procurement, and construction (EPC) which values for US$500-550 million.
The plant will have production capacity of maximum 700,000 metric tons per year. This plant is targeted to operate by 2016.
This ammonia plant will get gas supply from Senoro-Toili gas field operated by Medco Energi, Pertamina Hulu Energi, and Mitsubishi Corporation. Panca Amara gets gas allocation of 55 mmscfd or US$1.4 billion.
ESSA also targets to complete the construction of the liquefied petroleum gas (LPG) refinery this year. The project costs US$11 million.
ESSA booked revenues of US$22.3 million in the first half of 2014, grew by 12% from US$19.9 million in the same period of 2013. Net profit rose 4.3% to US$7.2 million from previous US$6.9 million.