By DEDEN SUDRAJAT
JAKARTA -- Indonesian oil and gas company PT Pertamina said
Monday it has appointed Thailand's PTT Global Chemical as its
partner to develop its petrochemical business in Southeast
Asia's largest economy.
Pertamina is seeking to enter the petrochemical industry as tens of
millions of Indonesia's increasingly affluent middle-class will
drive up demand substantially.
"Both companies are expected not only to build petrochemical plants but also to
cooperate in marketing and research and development," Pertamina
president Karen Agustiawan said in a press release.
Pertamina said that PTT Global came on top of 10 other
companies competing for the partnership, citing the Thai
company as having one of the most sophisticated and integrated
refineries with high energy efficiency in the Asia-Pacific
It added the agreement is expected to be signed by both
companies in early April, before a joint venture will be set up
by the end of the year.
Pertamina also said that it will build a 1-million tpy
naphtha cracker plant as it takes steps to develop its petrochemical business. The plant is
expected to come onstream by 2017.
Dow Jones Newswires