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Kuala Tanjung Port project secures $157m loan

Construction work on the new Kuala Tanjung Port is set to go with the joint venture operating firm of Prima Multi Terminal securing a IDR2.1trn ($157.1m) 10-year syndicated loan from state lenders Bank Mandiri, Bank Rakyat Indonesia (BRI) and Bank Negara Indonesia (BNI) to build the port in North Sumatra, local reports said.

Vincent Wee, Hong Kong and South East Asia Correspondent

April 1, 2016

1 Min Read
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Prima Multi Terminal is a joint venture firm of state port operator Pelindo I and state construction firms Pembangunan Perumahan and Waskita Karya.

Pelindo I president director Bambang Eka Cahyana said Kuala Tanjung Port would be developed as an industrial gateway that would integrate a port and industrial area.“

The construction progress has been quite fast since the ground-breaking on 27 January last year,” he said. The port is set to be developed in four phases, with the first being the multipurpose terminal, followed by a nearby industrial area, and requiring investment of IDR3trn.

The third and fourth phases are the development of a container port and residential area. Construction costs for the second and the third phases are estimated at IDR34trn.

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About the Author

Vincent Wee

Hong Kong and South East Asia Correspondent

Vincent Wee is Seatrade's Hong Kong correspondent covering Hong Kong and South China while also making use of his Malay language skills to cover the Malaysia and Indonesia markets. He has gained a keen insight and extensive knowledge of the offshore oil and gas markets gleaned while covering major rig builders and offshore supply vessel providers.

Vincent has been a journalist for over 15 years, spending the bulk of his career with Singapore's biggest business daily the Business Times, and covering shipping and logistics since 2007. Prior to that he spent several years working for Brunei's main English language daily as well as various other trade publications.

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