Pelindo I to issue $24m bond for Kula Tanjung development

Jakarta: Pelindo I, the state run port operator in Indonesia, will issue bond worth $24m in the second half of 2015 to develop Kula Tanjung Port as part of its plan to expand and modernize five of its ports this year.

The five ports included Malahayati port, Belawan port, Kuala Tanjung, Dumai port and Batam port.

For the initial stage, Pelindo I will allocate $400M to develop container and liquid bulk terminals in Kuala Tanjung Port to serve the shipping of plantation products like palm oil.

"Kuala Tanjung development will be conducted within 16-18 months, including constructing berth with 400m length, utilities, instruments, and information-technology installation," said Pelindo I ceo Bambang Eka Cahyana.

The company announced in January that it will invest $2.69bn to develop ports in order to support the maritime highway program initiated by president Joko Widodo. [29/01/15]



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