A joint petrochemical complex planned by CPC Corp, Taiwan (CPC, 台灣中油) and Indonesia’s PT Pertamina is to be built in Balongan, West Java, Sindonews.com reported on Friday.
The Indonesian news site cited Indonesian Coordinating Minister for Economic Affairs Airlangga Hartarto as saying that CPC and the state-run Indonesian oil and gas company have entered the final stage of talks over the investment.
Investment in the planned petrochemical zone is expected to be US$12 billion, Airlangga said.
The two companies are finalizing details of the plan, which is one of 245 national strategic projects being run by Indonesian President Joko Widodo’s government, which include toll roads, railroads, airports, harbors and refineries, as well as gas distribution and irrigation systems.
The comments came after a meeting of the Indonesian government on Friday.
Work on the 245 projects has continued despite the COVID-19 pandemic.
Since CPC closed its fifth naphtha cracker in Kaohsiung in 2015, the Taiwanese firm has been seeking to relocate its naphtha operations to Indonesia.
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CPC and PT Pertamina had previously discussed a plan that was scrapped after negotiations failed to make progress.
In October 2018, the two companies signed an agreement on a framework for a joint petrochemical zone.
In January, Indonesian Minister of Industry Agus Gumiwang Kartasasmita said that CPC is expected to invest about US$8.6 billion in the joint investment project.
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