Indonesia's Pertamina Signs Petrochemical Project Deal With Taiwan's CPC
Fahad Shabbir (@FahadShabbir) Published June 10, 2020 | 09:04 PM
Indonesia's state oil giant Pertamina said it has signed a deal with Taiwan's CPC Corp. to develop an $8 billion petrochemical complex, after years of negotiations
Jakarta, (UrduPoint / Pakistan Point News - 10th Jun, 2020 ) :Indonesia's state oil giant Pertamina said it has signed a deal with Taiwan's CPC Corp. to develop an $8 billion petrochemical complex, after years of negotiations.
Operations are slated to begin in 2026 at the new plant, which to be built at an existing refinery in Indonesia's West Java province.
The two firms have been in talks to develop the joint petrochemical plant since 2018, with each set to contribute about 45 percent of the new project's costs and the remainder financed by outside investors, Pertamina said.
The facility will produce ethylene, used in the manufacturing of plastic.
The project could help Pertamina become "a leading player in the sector over the next 10 years," company president director Nicke Widyawati said in a statement Friday.
The Indonesian firm has plans to be expand a half dozen other oil refineries to double its capacity to some two million barrels a day by 2026.
However, Pertamina has scrapped previously announced plans to jointly expand its Cilacap refinery in Central Java with Saudi Aramco, according to media reports.
Recent Stories
Punjab CM orders to supply of clean drinking water to public
Pakistan expected playing XI against Ireland in third T20I match
SC directs Punjab govt to make arrangements for Imran Khan’s appearance via vi ..
Awam Express meets Tractor-Trolley near Raiwind
Ishaq Dar, Liu Jianchao discuss longstanding cooperation b/w Pakistan, China
Journalist Safety Training Workshop Commences at FCCU
Currency Rate In Pakistan - Dollar, Euro, Pound, Riyal Rates On 14 May 2024
Today Gold Rate in Pakistan 14 May 2024
Avicenna Medical College unveils facts behind ‘staged protest’
Germany eyes huge party as it hosts Euro 2024 amid global turmoil
Khawaja Asif foresees economic stability ahead.
ECP suspends membership of 77 lawmakers elected on reserved seats
More Stories From Business
-
Sony net profit dips on-year but beats estimate
18 minutes ago -
KPT shipping movements report
58 minutes ago -
Putin to visit Beijing, meet Xi this week
1 hour ago -
EXCHANGE RATES FOR CURRENCY NOTES
4 hours ago -
Foreign exchange rates
4 hours ago -
Currency Rate In Pakistan - Dollar, Euro, Pound, Riyal Rates On 14 May 2024
6 hours ago
-
Today Gold Rate in Pakistan 14 May 2024
6 hours ago -
Finance minister seeks SOEs categorization by May 20
15 hours ago -
Ahsan reviews preparations for PM’s upcoming China visit, CPEC Phase-2
15 hours ago -
Global share markets put brake on ahead of inflation data
16 hours ago -
CCP approves thermal power sector firms merger
15 hours ago -
Business community playing important role in capital development: CDA Chairman
15 hours ago