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Korea Exim News

Korea Eximbank signs USD 1.5 billion Framework Agreement with PT Pertamina

Date 2019.07.02 View 16925

The Export-Import Bank of Korea (, Chairman EUN, Sung-soo, "Korea Eximbank") announced July 2 that it hosted “2019 Partnership Forum – Oil & Gas Downstream Indonesia,” jointly with International Contractors Association of Korea (ICAK), in Seoul, and signed a USD 1.5 billion framework agreement with PT Pertamina, an Indonesian state-owned oil and gas corporation in a bid to support Korean companies’ winning of infrastructure projects in Indonesia.


The event was attended by some 250 officials from both countries, including the Korean government, Korea Eximbank, ICAK, PT Pertamina and private companies in petro-chemical industry.


At the forum, the director of Refinery and Petrochemical Megaproject of PT Pertamina Ignatius Tallulembang announced that the company plans to place a massive order worth USD 30 billion to expand its oil refinery facilities, aiming to produce two million barrels of oil per day by 2026 from the current 1 million barrels daily.


In addition, the vice president of Contracting & Procurement of PT Pertamina Aris Suparto explained procurement strategies to encourage active participation of Korean SMEs and guided them through PT Pertamina’s vendor registration requirements and procedures in detail. Later in the day, the company also held small group meetings and one-on-one meetings with Korean SMEs.


On the sidelines of the forum, Korea Eximbank signed a USD 1.5 billion framework agreement with PT Pertamina to support Korean companies to win infrastructure project contracts in the country.


As the agreement marks the first framework agreement for Korea Eximbank to sign with an Indonesian state-owned corporation and it is also the first one that PT Pertamina signs a framework agreement with a foreign Export Credit Agency, it is expected to strengthen strategic partnership and boost cooperation between Korea and Indonesia.


In addition, with the signing of the agreement, Korea Eximbank will be able to swiftly provide financing to Korean companies, facilitating their equipment export to the market with expanded opportunities to win projects in the country.


Korea Eximbank Chaiman Eun, Sung Soo said “We expect this agreement will help Korean companies overcome recent difficulties in winning overseas projects and facilitate their advancement into Indonesia, one of the largest infrastructure markets in Southeast Asia, especially in large-scale projects such as oil refineries and petrochemical facilities.”


He added “Korea Eximbank will continue to work closely together with PT Pertamina so that the strong partnership we built through this agreement can bring tangible outcomes.”



He further explained “In order to provide financial solutions for Korean companies’ overseas business operation more effectively, we will continue our efforts to sign agreements with other countries in the government’s New Southern Policy to ensure financing does not stand in the way of Korean companies to participate in the deals in those countries.”