Indonesia says Sojitz Corp to invest $1 billion in West Papua

Mitsubishi Chemical

27/07/2022 14:34

JAKARTA, July 27 (Reuters) - Japanese trading house Sojitz
Corp  2768.T  plans to invest $1 billion in a methanol project
in eastern Indonesia in  partnership with a local state
fertilizer firm, Indonesia's investment ministry said. 
     The announcement came after Indonesia's President Joko
Widodo met with Prime Minister Fumio Kishida in Tokyo on
Wednesday. He also met with 10 Japanese CEOs, including those of
Sojitz Corp, Toyota Motor Corp and Mitsubishi Motors Corp,
according to the investment ministry.  urn:newsml:reuters.com:*:nT9N2YA053
    Earlier this week, Indonesia's government also announced
that Japanese carmakers Mitsubishi Toyota Motor Corp  7203.T 
and Mitsubishi Motors Corp  7211.T  plan to invest 27.1 trillion
rupiah  ($1.81 billion) and about 10 trillion rupiah,
respectively, in Indonesia's electric vehicles industry.
 urn:newsml:reuters.com:*:nL1N2Z806P  urn:newsml:reuters.com:*:nL1N2Z70LG
    Investment Minister Bahlil Lahadalia said in a statement the
planned investments were "in order to increase the supply chain
resilience for Indonesia and Japan in the future". 
    A feasibility study on Sojitz's joint methanol project with
PT Pupuk Indonesia in the eastern province of West Papua is
expected to be completed by end of this year, according to the
statement. 
    Sojitz could not immediately be reached for comment.
    The statement added that Mitsubishi Chemical Group  4188.TT 
also plans to invest $156 million through its unit PT MC PET
Film Indonesia, but did not provide details. 

    


($1 = 15,010.0000 rupiah)

 (Reporting by Stefanno Sulaiman; Editing by Kanupriya Kapoor)
 ((Stefanno.Sulaiman@thomsonreuters.com;))