KPI And Bank Kuwait Sign MoU For Provision Of Crude Oil Trading Facilities

JAKARTA - PT Kilang Pertamina Internasional (KPI) signed a memorandum of understanding (MoU) with the National Bank of Kuwait (NBK).

This collaboration was signed by the President Director of KPI, Taufik Aditiyawarman and Deputy Head of the NBK International Banking Group, Zaid Al-Sager witnessed by the Special Staff of the Minister of Energy and Mineral Resources (ESDM) for Investment and Acceleration of Infrastructure Development Triharyo Indrawan Susilo representing the Minister of Energy and Mineral Resources, Head of SKK Migas Dwi Soetjipto and President Commissioner of PT Pertamina (Persero) Basuki Tjahja Purnama.

KPI Corporate Secretary Hermansyah Y Nasroen explained, KPI and NBK signed an MoU in the provision of crude oil commodity trading facilities (Standby Letter of Credit) of US$180 million which can be utilized according to the company's needs.

"With the increasing price of world crude oil, KPI needs to find competitive sources of crude oil and in accordance with the specifications of Pertamina refineries," Hermansyah said in a statement to the media, Wednesday, October 4.

Through this collaboration, continued Hermansyah, support for working capital facilities or commodity trading from NBK can guarantee funding needs in supporting this because NBK is the largest bank in Kuwait that has an international reputation.

Furthermore, Hermansyah detailed, through this MoU, the potential for collaboration with NBK can be explored further in terms of project financing (project financing), general purchasing financing in the form of syndicates or club deals (corporate loans), and structured commodity development facilities.

"KPI hopes that this momentum can facilitate access to financing support which will boost the growth and sustainability of the oil and gas industry in Indonesia, especially in terms of trade activities for crude oil commodities," he explained.