RI’s growing petrochemical market lures foreign players

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Raras Cahyafitri, The Jakarta Post, Jakarta | Business | Wed, December 11 2013, 11:58 AM

Thailand-based PTT Global Chemical Public Company Limited, the chemical flagship of the giant PTT Group, signed an agreement on Tuesday with state-owned PT Pertamina on a joint venture to develop a petrochemical complex in Plaju, South Sumatra.

Under the agreement, Pertamina will hold a 51 percent stake while PTT Global Chemical will have the remaining 49 percent.

“PTT Global Chemical may find another partner with the consent of Pertamina,” Pertamina director Chrisna Damayanto said after the signing of the agreement on Tuesday.

The companies will jointly develop the petrochemical complex on a 450-hectare-site in Plaju that will house, among other facilities, a naphtha cracker with a production capacity of 1 million tons per year, Chrisna said.

Meanwhile, according to Bowon Vongsinudom, PTT Global Chemical president and chief executive officer, the project is estimated to…

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