Jambaran-Tiung Biru get awards from Project Finance International

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PT Pertamina EP Cepu (PEPC), a subsidiary of PT Pertamina (Persero) received a prestigious international award from Project Financing International (PFI) at the 2019 PFI Award some time ago in London, England. At the event, the award held by PFI named PEPC as Asia Pasific Oil & Gas, Deal of the Year.

The awarding ceremony was also attended by Pertamina's Managing Director, Nicke Widyawati, and PEPC's Managing Director, Jamsaton Nababan. The award was obtained thanks to the success of PEPC to get Project Financing for the Jambaran-Tiung Biru Unitization Field Gas Development Project (JTB). Overall, this Project Financing can be completed in less than 6 (six) months from the issuance of Project Info Memo (PIM) and Request for Proposals (RFP) on January 30, 2019 with Financial Close on June 13, 2019.

Project Financing The JTB project undertaken by PEPC is also one of the first projects to combine conventional funding with sharia funding, with a total funding value of USD 1.8 billion, consisting of conventional USD 1.7 billion and USD 100 million sharia (wakala).

The financial institutions that are incorporated in the JTB Project Financing consist of 8 international banks and 4 domestic banks. The participating international banks are the Bank of China, CIMB, DBS, Intesa Sanpaolo, Maybank, MUFG, Milbank, and SMBC; while the domestic financial institutions involved are Bank Mandiri, Bank Negara Indonesia, BTPN, and Bank Rakyat Indonesia.

The scope of work of the JTB Gas Project includes Land Acquisition that has been completed, Early Civil Work (ECW) which has also been completed. The scope of work currently underway is the drilling of 6 gas wells carried out by Pertamina Drilling Services Indonesia (PDSI) which is a subsidiary of Pertamina (Persero), and the construction of the Gas Processing Facilities (GPF) carried out by a Consortium of PT. Industrial Engineering, PT. JGC Indonesia, and JGC Corporation.

The JTB project was determined by the Government of Indonesia as one of the National Strategic Projects, with gas production to be distributed through Pertagas's Gresik-Semarang Gas Pipes for domestic consumption. JTB will have a production capacity of 330 MMSCFD (raw gas) with gas sales of 192 MMSCFD. The JTB Gas Project is scheduled for completion in 2021.