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Jakarta Post

Chinese equipment giant signs $8.5b LOI on Palu SEZ project

  • Ruslan Sangadji

    The Jakarta Post

PREMIUM
Palu, Central Sulawesi   /   Wed, December 18, 2019   /  03:33 pm
The Jakarta Post Image
An artist's rendering shows the Palu Special Economic Zone (SEZ) that is being developed in North Palu, Central Sulawesi.(File/ Courtesy of KEK Palu)

A major Chinese state-owned company has recently invested Rp 120 trillion (US$8.5 billion) in a factory development project in the Palu Special Economic Zone (SEZ). Metalworking equipment manufacturer China First Heavy Industries (CFHI), the latest in a growing list of foreign companies that have channeled funds for large-scale projects in the country in recent months, is to begin rolling out the fund in installments in the coming year. “We will begin by investing $3 billion in the first phase, which is in January,” said CFHI chairman Liu Mingzhong after signing the letter of intent (LOI) on Tuesday at the Central Sulawesi Governor’s office. Liu stated that CFHI was the world’s largest supplier of smelting products and equipment, and claimed that the company’s reactor pressure vessels&...