Indonesia's largest petrochemical company, PT Chandra Asri Petrochemical Tbk has received a USD 60 million structured trade finance (STF) from Singapore's DBS Bank.

In a joint statement released on Monday, the company stated that the move is aimed at supporting the plan to expand Indonesia’s shares in the export of petrochemical products.

As per the officials, this is in accord with the company's master plan to vertically integrate its petrochemicals value chain, support domestic consumption, and grow its export sales of monomers and polymers from Indonesia to overseas which would help in to support the country’s remaining payments.

The new credit line will cater to the company's growing needs of export which would enable the company to strategically increase its export growth and diversify access to competitive financing.

Despite headwinds due to the COVID-19 pandemic, Chandra Asri has also come up with Indonesia’s one of its kind Butene-1 and Methyl Tert-Butyl Ether (MTBE) plants in 2020.

Chandra Asri is the largest integrated petrochemical producer in Indonesia and operates the country’s only Naphtha cracker and is engaged in the production of Olefins (Ethylene, Propylene), Pygas and Mixed C4, as well as Polyolefins (Polyethylene and Polypropylene). The company has been DBS’ corporate customer since 2005 which provides a variety of banking services, such as digital banking, cash management, trade facilities, treasury, debt capital markets, and financing that focuses on the comprehensive needs of Chandra Asri.