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Pertamina signs and increases Islamic finance first

23 December 2004

Read more: finance trade imports international ECA

Pertamina, Indonesia's state oil and gas company, has signed Indonesia's first international Islamic finance facility through HSBC Amanah.

The facility, arranged by the Islamic finance subsidiary of HSBC (HSBC Amanah), finances crude oil imports from the Middle East to the world's most populous Islamic nation. Signed at the end of November for $292 million, the trade financing package was set to be increased by a further $30 million in the middle of December. It is the largest globally syndicated facility ? either Islamic or conventional ? arranged for an Indonesian company since the 1998 crisis.

HSBC acted as mandated lead arranger. A number of institutions, both Islamic and conventional, joined as lead arrangers, they are: Kuwait Finance House, Dubai...