The Jakarta Post
Chemical manufacturer PT Lotte Chemical Indonesia (LCI), a subsidiary of LOTTE Chemical Titan Holding, which is listed in the Kuala Lumpur Stock Exchange, held a ground-breaking ceremony for the Lotte chemical Indonesia new ethylene (LINE) project in Cilegon, Banten, on Friday.
“The successful implementation of the LINE project will be a significant milestone for the LOTTE Group and the Company’s plans to be a top tier petrochemical company in South East Asia,” said the Lotte Group chairman Shin Dong Bin in a statement.
The LINE project, which includes a naphtha cracker and large-scale petrochemical complex that produces downstream products, is currently at planning stage, the statement says, adding that the construction is expected to commence in 2019 or 2020 and to be completed in 2023.
Lotte Chemical Corporation (LCC), LOTTE Chemical Titan Holding parent company and which owns 76 percent of the company, is a pioneer in the petrochemical industry and a leader in the development of Korea’s petrochemical industry.
“Indonesia imports more than 50 percent of its petrochemical products and hence the additional domestic production from LINE will improve Indonesia’s trade balance significantly,” the statement says, adding that the LINE project will lead to the creation of jobs and significantly expand the plastic fabrication industry.
The event was attended by among others Industry Minister Airlangga Hartarto, Investment Coordination Board head Thomas Trikasih Lembong, South Korea Ambassador to Indonesia Kim Chang Beom, Lotte Group chairman Shin Dong Bin and Lotte Chemical Titan Holding independent chairman Abdul Rahman bin Mamat.(bbn)