Indonesia's Pertamina signs $1.5 bln framework agreement with Korea Eximbank

By Lim Chang-won Posted : July 2, 2019, 16:01 Updated : July 2, 2019, 16:01

[Gettyimages Bank]

SEOUL -- The Export-Import Bank of Korea, an official export credit agency, signed a $1.5 billion framework agreement with Pertamina, an Indonesian state-owned oil and natural gas corporation.

It marked Pertamina's first framework agreement with a foreign export credit agency. Pertamina plans to double production from one million barrels per day by 2026 and place a $30 billion order for new oil refinery facilities.

The framework agreement sets supportable loan limits for major orders, and individual export transactions are quickly provided with financing in accordance with predetermined procedures.
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Lim Chang-won Reporter
Lim Chang-won

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