Jakarta: Thailand’s PTT Global Chemical Public Company (PTTGC) and Indonesia’s Pertamina have signed a Heads of Agreement (HoA) this week to jointly invest up to $5bn in a giant petrochemical complex in Indonesia. The facility will be operational by 2017.
Karen Agustiawan, Pertamina’s ceo, stated that, "Due to promising demand of petrochemicals in Indonesia and Pertamina's huge potential to integrate refining and petrochemical business, we have set our petrochemical business as one of Pertamina's growth pillars. We have chosen PTTGC based on the fact that both of us are respected companies that represent our own countries, Indonesia and Thailand, in each of their respective business sectors."
The complex will manufacture olefins and polymer units. [05/04/13]