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Pertamina receiving US$ 500 million World Bank loan for geothermal projects

Alexander Richter Alexander Richter 8 Jun 2009

PT Pertamina Geothermal Energy (PGE) will receive a loan of US$500 million from the World Bank to finance nine geothermal power projects in the country.

Reported locally, “PT Pertamina Geothermal Energy (PGE) will receive a loan of US$500 million from the World Bank to finance nine geothermal power projects in the country.

The World Bank was expected to disburse the loan funds in the first quarter of 2010, Abadi Poernomo, the president of the state oil and gas company PT Pertamina, said. PGE would need US$3 billion to build its entire geothermal power projects from the upstream to downstream sectors, Abadi said last weekend.

PGE was also seeking loans from the Japan International Cooperation Agency (JICA) and the German bank of KfW to finance the project.”

Source: Antara News