JAKARTA: PT Trans Pacific Petrochemical Indotama (TPPI) signed an agreement of paying US$375 million debt to Pertamina to compensate the failure of TPPIs oil refinery to deliver middle distillate fuel products to Pertamina.The signing was conducted on Monday night (May 9) in accordance to the verdict of Indonesian National Arbitration Agency (BANI) on May 3, 2011, granting Pertamina's request for the payment in the form of the delayed payment note (DPN).The Executive Agency for Upstream Oil and Gas Business Activities (BP Migas), PT Perusahaan Pengelola Aset, dan PT Tuban Petrochemical Industries also signed the agreement, President Director of PT Tuban Petrochemical Industries, TPPIs parent company, Amir Sambodo said.It [debt payment agreement] was signed on Monday [this week] at 23.30 p.m., he said, yesterday.According to the agreement, TPPI will settle its debt to Pertamina within 60 days after the signing.It means, TPPI have to pay its debt before July or earlier than September 2011 as decided by BANI."Actually, the signing was scheduled on Tuesday (May 3) but postponed since there was no approval from Pertaminas commissioners.TPPI plans to pay the debt at US$375 million or larger than BANIs verdict.In accordance to BANI's verdict on May 3, TPPI was required to pay the DPN including the interest, until the verdict was announced, for US$114.17 million at the latest on September 3, 2011, Pertamina's Corporate Secretary hari Karyuliarto.In addition, the administrative costs of arbitration will be paid by Pertamina and TPPI at 50% each. (T06/NOM)
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