Overview

PT Bank ICBC Indonesia provides loan to PT Medco Energi Internasional Tbk for purchase of Rig. 8 in December 2012

Commitment Year•2012Country of Activity•IndonesiaDirect Recipient Country of Incorporation•IndonesiaOverseas Jurisdiction•IndonesiaSector•Industry, Mining, ConstructionFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: Dec 1, 2012

Stakeholders

Organizations involved in projects and activities supported by financial and in-kind transfers from Chinese government and state-owned entities

Ultimate beneficial owners

At least 25% host country ownership

Funding agencies

State-owned Commercial Banks

PT Bank ICBC Indonesia

Receiving agencies

Private Sector

PT Medco Energi Internasional Tbk

Collateral providers

Private Sector

PT Medco Energi Internasional Tbk

Loan desecription

PT Bank ICBC Indonesia provides loan to PT Medco Energi Internasional Tbk for purchase of Rig. 8 in December 2012

Interest type•Unknown

Collateral

Collateralized by 1 unit of heavy equipment 450 HP Rig and receivables from the use of heavy equipment

Narrative

Full Description

Project narrative

In December 2012, PT Bank ICBC Indonesia provided a loan to PT Medco Energi Internasional Tbk for the purchase of Rig 8. The loan amount is unspecified. Loan repayment was due in 21 monthly installments from 2012 to 2014. This loan was also collateralized by 1 unit of heavy equipment 450 HP Rig and receivables from the use of heavy equipment. Other borrowing terms of the loan are unknown.

Staff comments

1. It is unknown whether the receivables from heavy machinery usage that PT Medco Energi Internasional Tbk used, in part, to collateralize this loan involved oil, gas, or both. For the time being, AidData has coded the field as backed by both oil and gas. However, this issue merits further investigation.