By Romel S. Gurky
PT Pertamina Hulu Energi (PHE), an upstream arm of state oil, gas firm PT Pertamina (Persero) , announced on Friday that it has secured a USD 1.2 billion revolving credit facility (RCF) from four international banks. The agreement was signed in Jakarta during the first half of 2025 and involves PT Bank Mizuho Indonesia, MUFG Bank, Ltd., The Hongkong and Shanghai Banking Corporation Ltd (HSBC) Singapore Branch, and Bank of China (Hong Kong) Ltd Jakarta Branch.
The signing ceremony was attended by PHE’s Director of Finance & Investment, Dannif Utojo Danusaputro, and representatives from the banking consortium, including Ken Matsuo (President Director of PT Bank Mizuho Indonesia), M. Michael Sugirin (Managing Director, Head of Global Corporate and Investment Banking at MUFG Indonesia), Handojo Wibawanto Soetikno (Corporate Marketing Director at Bank of China Jakarta), and representatives from HSBC Singapore Branch.
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The facility will be used to strengthen PHE’s financial position, providing greater flexibility in liquidity management and supporting the company’s growth initiatives. The agreement enhances PHE’s ability to access funds quickly and flexibly to meet its operational and corporate needs.
The new facility positions PHE to navigate the challenges of the upstream oil and gas industry effectively and optimize its operational performance. The company also reiterated its commitment to sustainable business practices, focusing on Environmental, Social, and Governance (ESG) principles.
Editing by Alexander Ginting
