Pertamina Enters $2.5b Hedging Deals With Mandiri, BRI, BNI
Jakarta. State-controlled energy company Pertamina on Wednesday signed a US dollar hedging facility agreement worth $2.5 billion with three state lenders in a move to shield the company against foreign exchange volatility.
Bank Mandiri provided $1 billion in hedging while BNI and BRI each backed the agreement with $750 million.
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Pertamina will join PLN, Krakatau Steel and flag carrier Garuda Indonesia as state-controlled companies that have hedged liabilities in foreign exchange denominations.
Pertamina has between $600 million to $700 million in debts due this year said finance director Arief Budiman. Meanwhile, its long term debt stands at $10 billion, Arief said.
Pertamina imported $31 billion worth of crude oil and $25 billion of other fuel products in 2014, Dwi Soetjipto, Pertamina's president director, said on Wednesday.
"Pertamina also needs US dollar for its capital expenditure. Financing needs are also met though lending in foreign currency," he added.
GlobeAsia
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