December 7, 2018 / 8:05 AM / 10 days ago

UPDATE 1-Indonesia's Pertamina reaches financial close on $1.8 bln gas power station project

* Project to be one of largest of its kind in SE Asia -Pertamina

* Construction set to start in third week of December

* Targetted to start commercial operations in late 2021 (Adds Marubeni statement, detail)

By Wilda Asmarini

JAKARTA, Dec 7 (Reuters) - Indonesian state-owned energy firm Pertamina on Friday said it reached financial close for a $1.8 billion integrated gas-fired power station project on Dec. 5 with Japanese partners Marubeni Corp and Sojitz Corp .

The project, located in Cilamaya, West Java province, would be one of the largest of its kind in Southeast Asia, Pertamina said in an emailed statement.

The consortium of lenders for the project includes the Japan Bank for International Cooperation (JBIC), Nippon Export and Investment Insurance Co Ltd (NEXI), the Asian Development Bank (ADB), Mizuho Bank Ltd, MUFG Bank Ltd and Overseas Chinese Banking Corporation Ltd.

“The next challenge will be ensuring that the construction phase can be implemented on schedule (and on budget)”, said Pertamina Power Indonesia President Director Ginanjar, who goes by one name only.

The project will commence construction in the third week of December, and is targetted to begin commercial operation in December 2021, he said.

The project includes the 1,760 megawatt Jawa-1 combined cycle power station and an accompanying 170,000-cubic-metre floating storage and regasification unit (FSRU) that will process shipments of liquefied natural gas (LNG).

Civil engineering and construction of the plant will be carried out by Samsung C&T Corp, turbines are to be supplied by General Electric Co and the FSRU is to be developed by Samsung Heavy Industries Co Ltd, Pertamina said.

“Marubeni looks forward to supporting Indonesia’s development by contributing to the supply of stable electricity in the country,” Marubeni said in a statement.

The project has a contract to supply electricity to Indonesia’s state-owned power utility Perusahaan Listrik Negara (PLN) for 25 years.

Reporting by Wilda Asmarini; Writing by Fergus Jensen; Editing by Joseph Radford

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