Skip to content
AidData logo

Overview

ICBC (Malaysia) Berhad contributes $26 million USD to $182 million USD syndicated loan for the acquisition of FPSO Ratu Nusantra

Commitments (Constant USD, 2023)$26,664,383
Commitment Year•2014Country of Activity•IndonesiaDirect Recipient Country of Incorporation•IndonesiaOverseas Jurisdiction•MalaysiaSector•Industry, Mining, ConstructionFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Apr 1, 2014

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

  • Industrial and Commercial Bank of China (Malaysia) Berhad (ICBC Malaysia)

Cofinancing agencies

Private Sector

  • Natixis
  • Oversea-Chinese Banking Corporation, Limited (OCBC Bank)
  • Sumitomo Mitsui Banking Corporation (SMBC)

State-owned Banks

  • CIMB Bank Berhad
  • Export-Import Bank of Malaysia
  • National Bank of Abu Dhabi PJSC (NBA)

Receiving agencies

Joint Venture/Special Purpose Vehicles

  • PT M3 Ketapang Sejahtera

Security / collateral agents

Private Sector

  • Sumitomo Mitsui Banking Corporation (SMBC)

Loan description

ICBC contributions to 182 million USD syndicated loan for acquisition of FPSO Ratu Nusantra

Interest type•Unknown

Narrative

Full Description

Project narrative

In April 2014, ICBC (Malaysia) Berhad contributed $26 million USD to a $182 million USD syndicated loan for PT M3 Ketapang Sejahtera, a joint venture between M3nergy (an exploration and production company headquartered in Malaysia and owned by Sabah Development Bank) and PT Transamudra (an owner and operator of vessels in the offshore oil and gas sector headquartered in Indonesia). Loan proceeds were to be used to finance the floating production, storage and offloading facility named “FPSO Ratu Nusantara.” This facility is scheduled for operation by Petronas Carigali in the ‘Bukit Tua’ oil and gas field in the Ketapang block, offshore Madura Island, East Java, Indonesia. The syndicate consisted of seven lenders including CIMB Bank Berhad Labuan Offshore Branch, Export- Import Bank of Malaysia Berhad, Industrial and Commercial Bank of China (Malaysia) Berhad, National Bank of Abu Dhabi Malaysia Berhad, Natixis Singapore Branch, Oversea-Chinese Banking Corporation Ltd and Sumitomo Mitsui Banking Corporation (SMBC). SMBC served as the coordinating bank, facility agent, and security agent. The borrowing terms of the loan are unknown but the loan was secured (i.e. collateralized).

Staff comments

1. Specific contributions of each financier are unknown. To calculate ICBC’s contribution to this loan facility, AidData a) assumes that each official sector financing institution from China contributed an equal amount to the syndicated loan and (b) estimates the contributions of each financier by dividing the total face value of the loan ($182 million USD) by the total number of financiers in the syndicate (7 financiers). This brings the contribution of each individual financier to $26 million USD.