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Indonesia:KECL & Consoe JV to set up ethylene, propylene
plant at Cilegon |
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2005-3-30
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Singapore based Kuvera Energy Corporation Ltd (KECL) and Hong Kong based Consoe Petrochemical Co Ltd have planned for setting up a chemical factory at the cost of US $1.65 billion or Rp14.85 trillion in Cilegon, Banten, Indonesia.
The new venture will be named PT Indo Olefin Petrochemical.
Addressing the press conference on Monday (28/3), Muhadi, Head of the Regional Investment Coordinating Board (BKPMD) for the Province of Banten said, “We already sent letters of thanks to both investors who have chosen to invest in Banten.”
He said the central government via the Regional Investment Coordinating Board (BKPM) gave its permission in early February to PT Indo Olefin Petrochemical regarding this investment, with a three-year dead line.
Ethylene, propylene, butadiene and pyrollysis gasoline will be the range of products that the plant is expected to produce.
“This is surely the largest investment ever in Banten. If it is really happens, there will be many benefits both nationally as well as on a local scale.” |
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