Aug 10, 2010

Benakat Barat seals US$30 mio loans

PT Benakat Barat, a subsidiary of publicly listed oil and gas PT Benakat Petroleum Energy Tbk (BIPI) secures US$30 million credit facility from South Africa Standard Bank and PT Bank Negara Indonesia (BNI).
The Corporate Secretary of Benakat Ferdinand Dion confirmed that the credit fund has been allocated for its capital working and business expansion.
"The credit facility secured in several times ago had been allocated for the oil and gas block in South Sumatra, owned by Benakat Barat," he said today as reported by
Benakat barat is a joint operation (KSO) between Benakat Petroleum Energy and PT Pertamina EP located in Prabu Mulih, South Sumatra that predictably produces oil to 5,000 barrel a day for this year. Publicly listed PT Elnusa Tbk is also a subsidiary of publicly listed PT Benakat Petroleum Energy Tbk expected to provide large contribution.  
However, in the first half of this year, the oil and gas supporting services company didn't create high income. Consequently, Benakat's net income just stood about Rp20 billion.
The gross income of publicly listed Elnusa per second quarter fell amounted 39% to IDR181 billion, even though its revenue rose significantly by 40% to IDR2.27 trillion.

Disclosure: No position at the stock mentioned above.

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