Norton Rose Fulbright advises on Pertamina VLCC financing

Global Law Firm Norton Rose Fulbright advised a club of three lenders on a US$134 million financing for Pertamina International Shipping Pte Ltd, a Singapore subsidiary of PT Pertamina International Shipping, the subholding integrated marine logistics of Indonesia’s state-owned oil and gas company, PT Pertamina (Persero), one of Southeast Asia’s largest and integrated energy company.

Proceeds from the financing related in part to the acquisition of the very large crude carriers “Pertamina Pride” and “Pertamina Prime”, which involved complex technical, commercial and legal aspects to meet the unique demands of Pertamina.

The club of lenders was led by Sumitomo Mitsui Banking Corporation Singapore Branch (also acting as facility agent) including PT Bank Mandiri (Persero) Tbk, Singapore and Hong Kong Branch and PT Bank Negara Indonesia (Persero) Tbk, Singapore Branch.

The cross-border team, advising the lenders was led by Singapore partners Sue Ann Gan and Yu-En Ong and included associates Kai Ye Ang and Zara Ann Loh. Jakarta partner Tasdikiah Siregar and associate Wira Saputra advised on Indonesian law related matters.

Sue Ann Gan commented: “Norton Rose Fulbright is delighted to have assisted on this important transaction for the lenders and Pertamina, which has once again been the only Indonesian company listed on the 2021 Fortune Global 500 list. This transaction demonstrates the confidence the bank group places in Pertamina, as it navigates the challenges of the Covid-19 pandemic.”