CAP secures funds for Indonesian cracker expansion

Indonesia’s PT Chandra Asri Petrochemical (CAP) has obtained funding to complete a planned naphtha cracker expansion to increase ethylene production at its plant in Ciwandan, Cilegon, in Banten Province.

CAP signed the 7-year term loan facility agreement, which amounts to $265 million, with various local and international banks, including Bangkok Bank PCL, Siam Commercial Bank PCL, Indonesia Eximbank, DBS Bank Ltd., and Deutsche Bank AG, according to CAP.

The loan will be used to finance capital expenditure in connection with the expansion of CAP’s Lummus naphtha cracker capacity to 860,000 kilotons/year (kt/y) from a previous 600,000 kt/y, CAP said.

The cracker expansion project, estimated to cost $380 million, began in this year’s fourth quarter, with commercial production slated to start at yearend 2015, according to CAP.

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