01 April 2013 09:27 [Source: ICIS news]
SINGAPORE (ICIS)--Indonesian state-owned oil and gas firm Pertamina on Monday signed a heads of agreement (HOA) with Thailand’s PTT Global Chemical to build a new petrochemicals complex in Indonesia that will include world-scale olefin and polymer production facilities.
The complex, an investment of up to $5bn (€4bn), is expected to begin commercial operations in 2018 at the latest, Pertamina said in a statement in Bahasa Indonesia.
The firms plans to set up a new joint venture company by the end of 2013 so that engineering and construction work on the new complex can begin, it said.
Pertamina currently operates six refineries in Indonesia with overall production capacity of up to 1m bbl/day.
PTTGC said in an earlier statement that the new complex will include a 1m tonne/year cracker and be aimed at reducing Indonesia’s dependence on imported products.
($1 = €0.78)
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