JAKARTA. PT Chandra Asri Petrochemical Tbk (TPIA) obtained a US$ 195 million loan facility from Bank DBS Indonesia, which will be used by the company as working capital.
Corporate Director of DBS Indonesia Kunardy Lie said the loan was part of the company's support to Chandra Asri. The loan, which is equivalent to Rp 2.9 trillion, was provided by DBS in the form of a Trade Financing and Revolving Credit Facility (RCF).
Chandra Asri is the largest petrochemical company in Indonesia that produces olefins (ethylene, propylene), pygas and C4 blends, and polyolefins (polyethylene and polypropylene).
In its official statement, DBS revealed the reason for granting loans to TPIA was the high domestic demand for Chandra Asri's products remained high amid the COVID-19 pandemic. TPIA was one of the producers of raw materials for medical equipment such as masks and personal protective equipment (PPE). Chandra Asri also still has to operate its factories normally in order to meet domestic demand. (AM/AR)