TEMPO.CO, Jakarta - State lender PT Bank Negara Indonesia (BNI) agreed to provide state fertilizer company PT Pupuk Indonesia Holding Company a credit of Rp3.2 trillion.
PT Pupuk will use the fund to finance an ammonia and urea project of its subsidiary PT Pertrokimia Gresik, in the East Java city of Gresik.
The credit agreement was signed by a BNI director Herry Sidharta and President director of Petrokimia Gresik Hidayat Nyakman.
The project is important to keep pace with the growing demand forfertilizer in the country, Hidayat said on Tuesday.
The country's fertilizer consumption grew 2.86 percent per year dominated by urea and NPK.