JAKARTA: Chinese Petroleum Corp., oil and gas company of Taiwan, plans to build a petrochemical complex and refinery capacity relocate 100000-200000 barrels per day in Kalimantan with an estimated investment of U.S. $ 2.8 billion.
Business Monitoring International (BMI) reported Indonesia has become an attractive investment destination for investors petrochemicals, mainly from Taiwan, because until now have not been able to meet the needs of polymer resins from refineries in the country.
On the other hand, the report said, big oil and gas companies face constraints in Taiwan to build large-scale refineries in China, so it needs a location with high availability of supplies.
BMI said the CPC plans to build a petrochemical complex worth U.S. $ 2.8 billion in Borneo, including the relocation of the oil refinery with a capacity of 100,000 to 200,000 barrels per day and naphtha processing unit with a capacity of 730,000 tonnes of ethylene per year.
"The investment project that includes downstream polyethylene, styrene monomer and acrylonitrile facilities. However, not mentioned clearly when the project will be realized, "said the report today.
Besides the CPC, BMI also called Dow Chemicals investment plan worth U.S. $ 500 million for work on petrochemical projects. The plan is the latest development, other than Pertamina plans to build a polyethylene project in Balongan, West Java, worth U.S. $ 200 million. Previously, SOEs were realizing polypropylene project in the same location.
With the dependence of the petrochemical industry in domestic supply, economic trends will be crucial for stabilizing the performance of the sector. GDP growth will reach 5.9% in 2011 from 5.8% in 2010, which will support the optimization of production capacity.
Asia Petrochemicals Business Environment Ratings placed Indonesia on the 10th of 12 countries with a value of 46.7 or an increase of 0.3 points compared with the previous quarter due to the improvement of country risk. Indonesia has 7.4 points better than the 16.7 points from the Philippines and Australia. (*)
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