By ANDREAS ISMAR
JAKARTA -- Indonesian state energy company PT Pertamina said Friday it has signed a memorandum of understanding with Mitsubishi Corp. to construct a petrochemical facility in Indonesia.
"We have huge potential to integrate the refinery and petrochemical industries... to become the main player in Indonesia and in the region," Pertamina CEO Karen Agustiawan said in a statement.
Pertamina didn't specify a financial value or a timeframe for the project. Product details were also not disclosed.
Pertamina this week has also signed similar agreements with Thailand's PTT Global Chemical and South Korea's SK Global Chemical.
Pertamina said in a statement earlier this week that domestic petrochemical production isn't keeping up with over $5 billion worth of annual demand, making related industries heavily dependent on imports.
Dow Jones Newswires