State-run oil supplier CPC Corp, Taiwan (CPC, 台灣中油) on Friday signed an agreement with its counterpart in Indonesia, PT Pertamina, to build a naphtha cracking plant in the Southeast Asian country.
CPC did not give a location or the value of the deal in the statement that it issued on Friday.
The Indonesian news media reported a week earlier that the new complex would be in Balongan, West Java.
However, CPC vice president Fang Jeng-zen (方振仁) said the value of the joint investment would total NT$250 billion (US$8.38 billion) with CPC and Pertamina each holding a 45 percent stake, and 10 percent would be reserved for other potential participants.
The cracker was expected to have an annual capacity of 1 million tonnes of ethylene, he said.
While Fang said no exact construction timeframe has been set, before the deal was signed, media reports quoted Pertamina megaprojects and petrochemicals director Ignatius Tallulembang as saying construction would start in 2022 and be completed in 2026.
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