PT Pertamina EP Cepu (PT Pertamina EP Cepu), a subsidiary of PT Pertamina (Persero) received a prestigious international award from Project Financing International (PFI) at the 2019 PFI Award event some time ago in London, England. At the event, the award held by PFI named PT Pertamina EP Cepu as Asia Pacific Oil & Gas, Deal of the Year.
The awarding ceremony was also attended by the President Director of Pertamina, Nicke Widyawati, and the President Director of PT Pertamina EP Cepu, Jamsaton Nababan. The award was obtained thanks to PT Pertamina EP Cepu’s success in obtaining Project Financing for the Jambaran-Tiung Biru (JTB) Unitization Field Gas Development Project. Overall, this Financing Project can be completed in less than 6 (six) months from the issuance of the Project Info Memo (PIM) and Request for Proposal (RFP) on January 30, 2019 with Financial Close on June 13, 2019.
Project Financing The JTB project carried out by PT Pertamina EP Cepu 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 USD 1.7 billion conventional and USD 100 million sharia (wakala). .
The financial institutions that are members of the JTB Financing Project consist of 8 international banks and 4 domestic banks. The participating international banks are 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 for the JTB Gas Project includes Land Acquisition which 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 Gas Processing Facilities (GPF) carried out by the PT Consortium. Industrial Engineering, PT. JGC Indonesia, and JGC Corporation.
The JTB project was designated by the Government of Indonesia as one of the National Strategic Projects, with gas production to be distributed through Pertagas’ Gresik-Semarang Gas Pipeline 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.