S.Korea's Lotte Chemical to build $3.9 bln petchem project in Indonesia (updated)

LOTTE CHEMICAL

07/01/2022 05:54

(Adds details on expected production)
    SEOUL, Jan 7 (Reuters) - South Korea's Lotte Chemical Corp
 011170.KS  said on Friday it plans to build a large-scale
petrochemical complex in Indonesia worth $3.9 billion in
investment. 
    The project's commercial production target is 2025, and is
aiming to generate annual revenue of about $2.06 billion, the
company said in a statement. 
    The complex, which will also involve its subsidiary Lotte
Chemical Titan  LOTT.KL , will be located in Banten province,
and plans to annually produce 1 million tonnes of ethylene,
520,000 tonnes of propylene, 250,000 tons of polypropylene, as
well as downstream products, Lotte Chemical said. 
    Lotte Chemical has signed a memorandum of understanding with
Indonesian authorities, and entered into agreement with builders
Lotte Engineering & Construction and Hyundai Engineering for the
construction, it added.  urn:newsml:reuters.com:*:nFWN2TM1EK
    
    

($1 = 1,202.3800 won)

 (Reporting by Joyce Lee; Editing by Kim Coghill)
 ((joyce.lee@tr.com;))