BP to Seek Tangguh Financing from Local and International Lenders

BP Indonesia will find financing from international and local banks, aside from Chinese lenders, to fund the Tangguh LNG project, said Eddy Purwanto, Deputy of Finances, Economy and Marketing with BP Migas, Indonesia's oil and gas supervision agency.

"Not only from Chinese banks, we will also seek funding from other banks, both international and domestic. We want to get better terms and conditions," he said. BP had earlier secured loans amounting $2.6 billion for the project from Japan Bank for International Corporation, Asian Development Bank, and a consortium of international lenders. The remaining $880 million is expected to come from the Fujian Tranche Loan, which is currently being processed by BP.