Pulau Laut

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The PT Indonesia Bulk Terminal on the island of Pulau Laut off South Kalimantan involved the design, development and management of the deep water coal receival, stockpiling, blending and ship loading facility servicing Indonesian domestic and export markets. PT Indonesia Bulk Terminal (IBT), a joint-venture company owned at the time of financial close by Australia's Consolidated Bulk Handling (50%) and Indonesian firms PT Swabara Bumi (20%), PT Tritamas Majutama (20%) and PT Dermaga Batu Perkasa (10%), obtained loans totalling US$ 80 million for the construction of a 10m deep-water coal-handling terminal off southern Kalimantan. National Australia Bank and Banque Nationale de Paris provided a 7-year US$ 80 million loan facility as of 10/95 in addition to US$ 30 million provided as equity by the sponsors. On June 22, 2005, Consolidated Bulk Handling sold its 50% stake in IBT to PT Alam Tri Abadi, a consortium of four private investors. In July 2008, PT Adaro Energy Tbk, a coal supplier in southern Kalimantan province and the major user of IBT, completed the acquisition of PT Alam Tri Abadi. As of Dec. 31, 2008, PT Adaro Energy Tbk had increased its interest in IBT to 100%. Civil construction commenced in early 1991. The first stage of the Pulau Laut Coal Handling Terminal in Indonesia was completed in August 1997 by PT Bilfinger+Berger. A second stage of construction will require a further US$ 60 million financing. PT Adaro which operates mines in southern Kalimantan and supplies coal to Paiton I, was expected to be IBT main user for the first years.