13 March 2013 06:15 [Source: ICIS news]
SINGAPORE (ICIS)--Thailand’s PTT Global Chemical (PTTGC) said on Wednesday it has been selected by Indonesian state-controlled refining firm Pertamina to jointly build a world-scale petrochemical complex in Indonesia that will include a 1m tonne/year cracker.
The project, to be sited on Java island , will also include downstream polymer units, PTTGC said in a statement.
The two firms expect to signed a heads of agreement in early April 2013 and will set up a joint venture at the end of this year with the aim of starting up operations at the complex by 2017, it said.
The new complex is aimed at serving the “tremendous demand growth of petrochemical products in Indonesia and consequently, reduce dependency of the imported products”, the firm added.
Pertamina owns and operates five refineries throughout Indonesia. This project will be the company’s first world-scale petrochemical complex.
Financial details were not disclosed.
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