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Press Release

Korea Eximbank to Provide USD 400 million in PF to Malaysia's Petrochemical Project

Date 2019.03.27 View 16972

The Export-Import Bank of Korea (, Chairman EUN, Sung-soo, “Korea Eximbank”) announced on March 27 that it would provide a total of USD 398 million in Project Financing (USD 200 million in loans and USD 198 million in guarantees) for the Malaysian Marigold Petrochemical Facility Construction Project (the “Marigold Project”) where Samsung Engineering Co. and Samsung C&T Co. are participating.


As part of its state-run project, Malaysia is pushing forward to build the Pengerang Integrated Complex (“PIC”), Asia's largest complex of oil and chemical plants, by investing USD 27 billion in the southeastern Malay Peninsula.


The oil refinery and chemical facility to be developed under the Marigold Project is regarded as a key facility in the PIC. Petronas, the national petroleum company of Malaysia and Saudi Aramco, the national petroleum and natural gas company of Saudi Arabia each contributed 50 percent of the project costs, which total about USD 15.2 billion.


The consortium of Samsung Engineering Co. and Samsung C&T Co. has won USD 900 million package contracts for the project to build some of the oil refining and petrochemical facilities in the complex.


In particular, 60 small-and medium-sized Korean equipment companies including Daechang HRSG and WELCRON KANGWON Co. Ltd. will supply USD 500 million worth of local equipment needed to build the oil refining and petrochemical facilities to the Samsung consortium.


For this project, ECAs of Korea, China, and Japan (Korea Eximbank, Japan Bank for International Cooperation (JBIC), and Export-Import Bank of China (China Eximbank)) jointly supported their domestic companies in entering the Malaysian market through co-financing.


This is the first tangible result of “Three Exim High-Level Meeting” which was launched as a follow-up to the Korea-China-Japan summit held last year. One of cooperation plans among the three ECAs is to seek co-financing opportunities in the third countries.


This project is expected to pave the way for Korean companies to participate in new projects in the region in the future as the Bank has successfully laid the groundwork for reciprocal economic cooperation with ASEAN countries including Malaysia.


A Korea Eximbank official remarked, "It is our first financial support in PF for a project in Malaysia, and we have expressed our strong intention to provide support for Korean bidders from the very beginning of the bidding process so that Korean companies can win orders." He added, "We will continue to play a leading role to ensure that financial obstacles do not stand in their way in advancing into foreign markets."