PECD secures RM239m loans for Sudan project
PECD Bhd's unit Peremba Construction Sdn Bhd, has secured a US$63 million (RM239.40 million) loan facilities from two local banks to finance its marine export terminal facilities project in Sudan.
The company announced on Jan 19 the joint arrangers and lenders for the syndicate facilities were Alliance Bank Malaysia Bhd and Affin Bank Bhd.
"The syndicated facilities comprise an advance payment bond facility of up to the maximum of US$34.80 million; a performance bond of up to a maximum of US$23.20 million and a revolving credit facility of up to US$5 million," it said.
The syndicated facilities are mainly in bank guarantees to guarantee the performance and advance payment obligations and also as working capital requirements for the project.
The marine export terminal at the Sudan port is under construction. When completed, it will handle the delivery and export of crude oil through a 1,400-km crude oil platform from the central processing facilities at the field.
The export capacity is two million barrels of oil per day and storage capacity of 3.20 million barrels per day.
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