PT2SB executives have signed a $1.25 billion senior financing agreement with a banking syndicate of nine international banks.
The banks will be used to finance the PT2SB industrial terminal in Pengerang, Malaysia, a joint venture between Petronas, Dialog, the state of Johor and Vopak.
Construction work on PT2SB started in early 2015 and it is scheduled for commissioning in various phases during the first half of 2019.
It will predominantly serve the Petronas refinery petrochemicals integrated development project as its main customer. It will have an initial storage capacity of 1.65 million m3 for crude, refined products, petrochemical products and LPG. The marine infrastructure includes 12 berths and the draft of 24 meters can also accommodate VLCCs.
The project’s costs of $1.6 billion will be 20% funded with equity contributions by the shareholders and 80% is provided in the form of project financing through the banking syndicate.