business

DBS Bank Is Providing $50 Million In Trade Financing For Permata Group's Biodiesel Business

To support sustainable solutions for the energy transition in Indonesia, DBS Bank Indonesia has provided a trade financing facility worth USD 50 million to Permata Group, specifically aimed at boosting biodiesel sales operations. This initiative highlights the commitment to advancing energy transition and accelerating low-carbon industry practices. The trade financing from DBS Bank will empower Permata Group to expand biodiesel production at its RSPO-certified refinery. This aligns with the increasing mandatory biodiesel blending requirements from the Indonesian government and plays a crucial role in reducing greenhouse gas emissions while enhancing energy security in the country.

Kunardy Darma Lie, Corporate Banking Director at PT Bank DBS Indonesia, stated, “Biodiesel is a cornerstone of Indonesia's energy transition strategy, significantly reducing reliance on fossil fuels. We are proud that our funding is vital not only in supporting Permata Group but also in advancing Indonesia's sustainability agenda. With mandatory blending on the rise, there’s no better time than now to sustain biodiesel growth. As a trusted advisor in sustainable financing, DBS Bank Indonesia is dedicated to guiding our clients and partners towards impactful and responsible investments.” Established in 1984, Permata Group is an integrated palm oil company with a strong commitment to sustainability. As a member of RSPO since 2006, Permata Group has made continuous progress on its sustainability journey, including implementing a No Deforestation, No Peat, and No Exploitation (NDPE) policy across its supply chain.

Permata Group, with its main business focus across the supply chain, has been ramping up its biodiesel operations in line with Indonesia's energy transition strategy. Andrew Luhur, the Finance Director of Permata Group, mentioned, "The shift to biodiesel is crucial for decarbonizing the energy sector. We believe that by boosting our biodiesel production, supported by facilities from Bank DBS Indonesia, Permata Group can keep playing a key role in the growth of Indonesia's biofuel industry to meet these ambitious goals."

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Tag: DBS Bank Kunardy Darma Lie Permata Group