PT Lotte Chemical Indonesia Secures Major Investment for Petrochemical Complex in Banten Province
- 28-Mar-2023 1:37 PM
- Journalist: Motoki Sasaki
Indonesia: Lotte Chemical Indonesia, a subsidiary of South Korean based Lotte Group, has successfully secured financing for the construction of a petrochemical complex in Banten Province, Indonesia. The complex is expected to bring more jobs and economic development to the area and is part of Lotte's plans for further investment in Indonesia.
PT Lotte Chemical Indonesia has announced that they have entered a 12-year, US$2.4 billion agreement with 12 global financial institutions. This agreement is being supported by the Export-Import Bank of Korea (KEXIM) and Korea Trade Insurance Corporation (K-SURE), both of which are government-run finance institutions in South Korea. It is anticipated that this loan will help to create significant economic benefits for the region.
The PT Lotte Chemical Indonesia's giant new petrochemical project, the LINE, is set to make a huge investment of US$3.9 billion (around 5.1 trillion won). The project will manufacture 1 million tons of Ethylene and 520,000 tons of Propylene each year upon its completion in 2025. This is sure to be an exciting investment for Indonesia and bring a lot of changes to the economy.