Indonesia: Ethylene Production Lotte Invests 3.5 Billion Dollars for Indonesia's Largest Petrochemical Plant
Scheduled to be completed in 2023, the petrochemical plant will aim to meet the company’s demand for ethylene in the country. In addition to this, it will also cater to the rising domestic demand which is expected to outpace the global order.
Cilegon/Indonesia – Lotte Group is expected to invest at least 3.5 billion dollars in what is claimed to be Indonesia's largest petrochemical plant. If everything goes as planned, Indonesia could witness a boost in its downstream industries. This will enable the country to curb imports and decrease the current-account deficit.
Lotte Chemical Indonesia recently held a groundbreaking ceremony for an ethylene cracker along with the petrochemical complex in Cilegon, Banten Province. With a production capacity of 1 million tonnes per year, the new cracker plant will only be the second such plant in the country.
On completion of the new complex, the company will be able to meet its ethylene demand within Indonesia and also has plans to make it available for the domestic market. The firm will also be producing polypropylene which is used in the automotive, textile and other industries.
The firm states that Indonesia's demand for petrochemical products is set to outpace the global demand.