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Indonesia, Thailand cooperate in petrochemical

Thailand’s PTT Global Chemical Public Company and the Indonesian State-owned company PT Pertamina will establish a petrochemical marketing and trading joint venture in Indonesia.
Thailand’s PTT Global Chemical Public Company and the IndonesianState-owned company PT Pertamina will establish a petrochemicalmarketing and trading joint venture in Indonesia.

Under arecently-signed agreement, Indonesia holds 51 percent of shares in thejoint venture while its Thai partner owns the remaining 49 percent.

PT Pertamina Director Chrisna Damayanto said the joint venture willbuild a petrochemical complex covering a total area of 450 hectares inSouth Sumatra province.

According to Chrisna Damayanto,the joint venture, scheduled to be operational by 2018, will be able tomeet at least 30 percent of the total domestic market share of theindustry.

The project is estimated to have a total capitalof 4-5 billion USD, Bowon Vongsinudo, PTTGC President and CEO said. Onecompleted and put into operation, it is expected to help Indonesiareduce its dependence on imported petrochemical products.

Indonesiahas to import an amount of petrochemical products worth 5 billion USDper year because the country’s industry cannot meet the increasingdemand of its growing economy in recent years.

Apart fromThailand, Honam Petrochemical Corporation of the Republic of Korea plansto build a 5 billion USD-petrochemical complex in Cilegon, Bantenprovince.-VNA
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