PT Pupuk Indonesia Energi (PI-Energi), a subsidiary of PT Pupuk Indonesia (Persero), has signed a Credit Agreement with PT Bank Sumitomo Mitsui Indonesia (SMBC Bank) to finance the construction of the Gresik Gas Cogeneration Plant Project. The signing took place at PI-Energi Office, Petrokimia Gresik Building, Wednesday, July 27th, 2017. Both the President Director of PI-Energi, Tentaminarto, and President Director of SMBC Bank, Kazuhisa Miyagawa were present for the signing along with the Financial Director of Pupuk Indonesia, Indarto Pamoengkas to represent the major shareholder of the company.
The latter mentioned in his speech that Pupuk Indonesia Energi is one of the ten subsidiaries of Pupuk Indonesia which focus in energy sector. For now, PI-Energi is focus on producing and supplying electricity and utilities to fertilizer factories within the group. He later added, “Pupuk Indonesia Group has several on-going new factory development projects and factory revitalization at the moments, such as Pusri IIB in Palembang, Amurea II in Gresik, NPK Cluster development in Bontang, and other supporting infrastructure projects in other holding members such as docks and warehouses”.
PI -Energi was officially established on August 18, 2014 and is located in Jakarta. The company is owned by PT Pupuk Indonesia (Persero) by 50%, PT Pupuk Sriwidjaja Palembang by 10%, PT Petrokimia Gresik by 10%, PT Pupuk Kalimantan Timur by 10%, PT Pupuk Kujang by 5%, PT Iskandar Muda fertilizer by 5% and PT Rekayasa Industri by 10%.
PI-Energi is currently building a gas fueled power plant and steam power plant with an installed capacity of 22 MW of electricity and 160 tons per hour of steam to supply the future electricity and steam needs of the Amonia-Urea II plant currently developed by PT Petrokimia Gresik. Both plants are located in Gresik Petrochemicals Industry area. The development progress of GGCP is up to 32% by the time this article is written. The project started in late November 2015 and is targeted to be completed by September 2017. It shall start its full commercial operation around November 2017.
President Director of PI-Energi, Tentaminarto, highlighted, “PI Energi has received a credit plafond of USD 63.5 million and IDR 400 billion from SMBC Bank with an eight years tenor. It can be extended for the next three years”. Tentaminarto also added that the loan itself is quite an achievement for PI-Energi, given that as relatively very young company, PI-Energi has been trusted by an international bank to obtain a loan with such high value.