Persero, Indonesia’s state-owned gas entity, has secured the US$309mn ECA-backed purchase of a floating storage and regasification unit (FSRU).

The finance was arranged by Standard Chartered, with Korean export insurer K-sure providing cover for the debt. Other participating banks were BTMU, DBS, OCBC and KDB.

The FSRU will be constructed by Hyundai Heavy Industries in South Korea, and operated by Hӧegh, an LNG transportation and services company. It will operate it on a 20-year contract.

The FRSU will have a capacity for storing 170,000 cubic metres of LNG and will be able to receive 2 million tonnes of LNG a year.
Perseru president Hendi Prio Santoso said recently: “The construction of the FSRU is set to be completed in mid-2014. With the operation of the new unit the gas supply for industry and domestic use will increase in Lampung and West Java.”

Aneesh Mahajan, regional head of structured export finance at Standard Chartered, adds: “This transaction allowed Standard Chartered to bring together our strong franchise in Indonesia, our deep understanding of K-sure and our sector expertise across oil & gas and offshore vessel financing to tailor the best solution and meet our client’s needs.”