Lotte Chemical to build 3.9 billion USD petrochemical complex in Indonesia
Lotte Chemical Corp, the petrochemical unit of the Republic of Korean conglomerate Lotte Group, has announced its plan to build a petrochemical complex worth 3.9 billion USD in Indonesia.
Lotte Chemical and Indonesia’s government ink an MOU on the 3.9 billion USD petrochemical project in an online signing ceremony. (Photo courtesy of Lotte Chemical)
Jakarta (VNA) - LotteChemical Corp, the petrochemical unit of the Republic of Korean conglomerateLotte Group, has announced its plan to build a petrochemical complex worth 3.9 billionUSD in Indonesia.
In a statement released on January 7, the company said the project is expected to beput into operation in 2025 and generate annual revenue of about 2.06 billionUSD.
The complex, which will also involve its subsidiary Lotte Chemical Titan, willbe located in Banten province. It will have the capacity to produce 1 milliontonnes of ethylene, 520,000 tonnes of propylene, 250,000 tons of polypropyleneannually, Lotte Chemical said.
Lotte Chemical has signed a memorandum of understanding withIndonesian authorities, and entered into an agreement with builders LotteEngineering & Construction and Hyundai Engineering for the construction, itadded.
♓ The Indonesian government will provide Lottewith lower tariffs and various tax benefits to implement the project, according to Lotte./.
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Lotte Chemical and Indonesia’s government ink an MOU on the 3.9 billion USD petrochemical project in an online signing ceremony. (Photo courtesy of Lotte Chemical) 
