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The Export-Import Financial institution of Korea (Korea Eximbank) has signed a mission financing settlement price US$1.19 billion with Indonesia’s state-run oil and fuel firm Pertamina for the growth of the Balikpapan Refinery.
A signing ceremony was held on the Indonesian Embassy in Seoul, Korea on Dec. 15 with the attendance of Zelda Wulan Kartika, vice Indonesian ambassador to South Korea, Taufik Aditiyawarman, CEO of KPI, a refining and petrochemical subsidiary of Pertamina, and Kim Hyung-joon, head of the Mission Finance Division at Korea Eximbank.
The Balikpapan mission is aimed toward increasing and renovating oil refining services in Pertamina and southeastern Kalimantan. Hyundai Engineering and others landed a development order price US$4.4 billion for the mission.
Korea Eximbank has supplied help for Hyundai Engineering to win and perform the mission since 2018. It issued a letter of intent on monetary help for Hyundai Engineering in September 2018 and signed a framework settlement with Pertamina in July 2019 to supply a bridge mortgage of US$100 million, which helped the Indonesian firm pay development prices.
When the mission is accomplished in 2025, manufacturing on the Balikpapan refinery is anticipated to rise by about 140 % from 260,000 barrels to 360,000 barrels per day.
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