Jakarta, 22 December 2014 – PT Surya Esa Perkasa Tbk. (“SEP” or the “Company”), Indonesia’s only listed LPG Refiner, has completed its LPG refinery expansion project (“Expansion Project”), successfully increasing production capacity by more than 50% from 120 tons per day (TPD) to 190 TPD. This Expansion Project uses the latest Turbo Expander Cryogenic technology. The increased production is hoped to help strengthen the Company’s position as major private player within the national LPG industry.
The Company invested approximately USD 23 million towards the Expansion Project, sourcing Process Technology, Engineering and Equipment from Enerflex, Canada. Project Management, Procurement & Construction was executed in-house by SEP. The Company is pleased to report that the Expansion Project has been completed with Zero Accidents, and zero down time of the existing refinery during the construction phase.
In addition to the successful Expansion Project, the Company is pleased to report that its subsidiary, PT Panca Amara Utama (“PAU)”, has received Project Finance International’s (“PFI) Asia-Pacific Petrochemical Deal of the Year Award for 2014. PFI is the world’s leading project financing intelligence source.
PAU incised a landmark deal in Indonesia as the first ammonia plant in Sulawesi and the first locally sponsored private ammonia plant. The USD 509 million syndicated loan facility is led by the International Finance Corporation (“IFC”), and includes seven international banks; United Overseas Bank (UOB), Standard Chartered Bank (SCB), The Australia and New Zealand Banking Group Limited (ANZ), The Hongkong and Shanghai Banking Corporation Limited (HSBC), Korea Development Bank (KDB), The Oversea-Chinese Banking Corporation Limited (OCBC) and Sumitomo Mitsui Banking Corporation (SMBC). This represents IFC’s largest greenfield project funding in Asia over the last decade.
“We are very pleased that our work has been recognized by such a respected project finance publication. As an Indonesian company, this award reflects our strong desire towards providing high added value to Indonesia’s natural resources. We appreciate the IFC and our lenders for their trust in our project and their significant role in its realization,” said SEP Executive Director Vinod Laroya.