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Jakarta to welcome foreign investment in petrochem sector

06
Aug '19
Pic: Shutterstock
Pic: Shutterstock
Indonesian industry minister Airlangga Hartarto recently said the country will welcome foreign investment in the petrochemical sector based on the meetings with foreign investors. Government officials have been actively discussing the issue with foreign investors, especially the United Arab Emirates (UAE), in the past two weeks, Airlangga said in a statement.

Based on a government road map called Making Indonesia 4.0, the chemical industry is one of the five sectors that will become the pioneers in the application of industry 4.0 in the country.

Hence, the chemical industry should be developed to become more productive, innovative, and competitive in the global scene, a news agency quoted the minister as saying.

The ministry held a meeting with the UAE minister of energy and industry Suhail Mohamed Faraj Al Mazrouei during which the investment plan of a UAE company Mubadala was discussed. Mubadala is eager to collaborate with PT Chandra Asri Petrochemical, he said.

Mubadala is committed to investing $2.5 billion. This investment value is half of the total investment required to develop new facilities that will produce olefins and polyolefins that are expected to reduce dependence on imported raw materials.

China Petroleum Corporation (CPC) Taiwan also plans to disburse its funds in Indonesia in cooperation with PT Pertamina (Persero).

The government is awaiting follow-up negotiations between the two companies to develop an integrated complex of petrochemical industry in Balongan, Indramayu, West Java. CPC Taiwan’s investment is around $8.62 billion. (DS)

Fibre2Fashion News Desk – India


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