Bank Jatim Signs Partnership with PT Petrokimia Gresik to Support Phonska V Project
Date: 30 august 2024Categories :
SURABAYA, August 30, 2024 — In an effort to expand business synergy, PT Bank Pembangunan Daerah Jawa Timur Tbk (bankjatim) has signed a credit agreement with PT Petrokimia Gresik on Friday (August 30). The signing ceremony took place in the Semeru Room of bankjatim and was attended by R. Arief Wicaksono, Director of Micro, Retail, and Medium at bankjatim, and Robby Setiabudi Madjid, Director of Finance & General Affairs at PT Petrokimia Gresik.
The agreed credit facility is a Corporate Investment Financing loan with a ceiling of IDR 326 billion. The funds will be allocated for the construction of the NPK Phonska V fertilizer plant. The Phonska V project involves the modification of the existing SP-36 plant (RFO PF-I) to enable the production of NPK Phonska fertilizer with a capacity of 600,000 MTPY using the NPK Chemical Reaction method.
Arief stated that bankjatim strongly supports the Phonska V project because it contributes to meeting domestic compound fertilizer needs, substituting imports, and saving the country’s foreign exchange. “Moreover, this synergy also proves our active participation in supporting the government’s program to achieve national food sovereignty,” he said.
The Phonska V project is a modification/rehabilitation of the existing phosphate fertilizer plant (PF-1), which currently only produces SP-36 phosphate fertilizer. After modification and rehabilitation, the plant will become more flexible, enabling the production of various NPK compound fertilizer formulas. Because this is a modification/rehabilitation, the equipment used will be categorized into new equipment, modified equipment, and existing equipment.
With this Corporate Investment Financing, bankjatim hopes to further accelerate its corporate lending performance. “This collaboration demonstrates our commitment to actively contributing to the economic and industrial development of East Java, as well as our role in supporting Indonesia’s food security efforts. We hope this partnership will help boost fertilizer production in Indonesia and positively impact agricultural yields. We will continue to support key economic sectors that play a crucial role in ensuring food resilience,” Arief explained.
Robby also stated that as part of the company’s commitment to ensuring national food security and supporting the national fertilizer subsidy program of 9.5 million tons, Petrokimia Gresik has initiated the Phonska V project, which has a total value of IDR 467.07 billion. This project not only aims to increase fertilizer production capacity but also to ensure the availability of subsidized fertilizer for farmers across Indonesia. “With the increased production capacity through the Phonska V Project, we hope to contribute more significantly to the government’s planned programs,” he said.
On the occasion, Robby also expressed his sincere gratitude to bankjatim for providing financial support through the IDR 326 billion loan. “This is a tangible form of synergy between the industrial and banking sectors in driving national economic development. We hope that with this agreement, the Phonska V Project can run smoothly, and we will soon witness its positive impact on national food security,” he concluded.
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