29 March 2012 11:51 [Source: ICIS news]
SINGAPORE (ICIS)--Indonesian oil and gas firm Duta Firza said on Thursday it has signed an agreement with South Korea’s firm LG International to build a $3bn (€2.25bn) petrochemical complex at Tangguh in Indonesia’s West Papua province.
Duta Firza said it will set up a joint venture firm with LG International to construct and operate the facility, but details of the specific units to be built at the complex were not immediately available.
The two firms signed a heads of agreement on 28 March for the new joint venture facility, with the aim of starting up the units in late 2017 or early 2018, the company said.
The agreement included pre-planning activities, pre-feasibility studies and the construction of the complex, Duta Firza said.
The pre-planning and pre-feasibility study phases are expected to be completed in the third quarter of 2012, and the company plans to begin construction of the complex in mid-2014, it said.
The new complex will obtain its gas feedstock supply from the Tangguh liquefied natural gas (LNG) hub which is operated by energy giant BP, it added.
($1 = €0.75)
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