Bangkok--4 Jul--SCB On 2nd July 2008, the Bangchak Petroleum Public Company Limited (BCP) and 6 financial institutes have reached the agreement of 28,980 million Baht credit facilities, signed by Dr. Anusorn Sangnimnuan - BCP President, Kannikar Chalitaporn - President of Siam Commercial Bank, Tan Kong Khoon - President and CEO of Bank of Ayudhya, Jaree Wuthisanti - First Executive Vice President of Siam City Bank Public Company Limited, Vallapa Posyanond - Executive Vice President of Thai Military Bank Public Company Limited, Anil Parimoo - Head-Credit Portfolio Management and Komnet Kriangkrailib - Head of Credit Administration of ABN AMBRO, and Toshiya Wakaume - Joint General Manager of Mizuho Corporate Bank. Dr.Anusorn Sangnimnuan revealed that BCP has financial management policies that emphasize stability to support present business and future prospect expansions, as well as handle many volatile external factors that affect the company performance. As such, Bangchak has refinanced its long term loans, totaling 28,980 million Baht including working capital facility, with these 6 leading financial institutions, to achieve the appropriate financial structure, liquidity, and currency risk management, as well as, to stabilize the company debt service cost of capital. ”In addition to the Product Quality Improvement Project (PQI) which will be commissioning by fourth quarter this year, this refinancing is the important part of the company’s long term business plan in support of future investment projects to enhance the company’s competitive edge. This refinancing will give the company greater liquidity at lower interest rates and better terms & conditionsAccording to the better conditions as stated above, it shows that the 6 leading financial institutes are confident in the company’s management and future prospect. By changing from Project Financing to Corporate Financing, with same terms & conditions as other companies’ in the similar industries, definitely allows the company to align its business operations with its strategic short and long term company goals, which to increase the country energy security, continuously producing and retailing petroleum in accordance and sufficiently to the consumers’ increasing demands, as well as to be the leader in renewable energy, strengthening the country’s economy” Dr. Anusorn further stated.