SEOUL (Reuters) -South Korea’s Lotte Chemical Corp said on Friday it plans to build a large-scale petrochemical complex in Indonesia worth $3.9 billion in investment.
The project’s commercial production target is 2025, and is aiming to generate annual revenue of about $2.06 billion, the company said in a statement.
The complex, which will also involve its subsidiary Lotte Chemical Titan, will be located in Banten province, and plans to annually produce 1 million tonnes of ethylene, 520,000 tonnes of propylene, 250,000 tons of polypropylene, as well as downstream products, Lotte Chemical said.
Lotte Chemical has signed a memorandum of understanding with Indonesian authorities, and entered into agreement with builders Lotte Engineering & Construction and Hyundai Engineering for the construction, it added.
($1 = 1,202.3800 won)
(Reporting by Joyce Lee; Editing by Kim Coghill)
