KUALA LUMPUR, Dec 7 (Bernama) -- LOTTE Chemical Titan Holding Bhd's subsidiary, PT LOTTE Chemical Indonesia (LCI), today held a ground breaking ceremony for the company's one million tonne Ethylene Cracker & Related Downstream Petrochemical Facilities, officially known as the LOTTE Chemical Indonesia New Ethylene Project (LINE Project) in Cilegon, Indonesia.
With an investment value that is expected to reach at least US$3.5 billion, the LINE Project would complement the company's three existing polyethylene plants in Indonesia currently operated by the company’s subsidiary, PT LOTTE Chemical Titan Tbk, to form an integrated petrochemical facility.
"The LINE Project which includes a naphtha cracker and large-scale petrochemical complex that produces downstream products, is currently in the planning stage.
"LOTTE Chemical Titan Holding Bhd will update the market on the progress of the LINE Project and construction is expected to commence in 2019/2020 and be completed in 2023," it said in a statement today.
LOTTE Chemical Corporation, Korea, which owned 76 per cent of the company is a pioneer in the petrochemical industry and a leader in the development of Korea's petrochemical industry.
The completion of the LINE Project would steer the company towards becoming a Top Tier Petrochemical Company in South East Asia.
At present, Indonesia imported over 50 per cent of its petrochemical products and hence the additional domestic production from LINE would improve Indonesia’s trade balance significantly.