Lotte Chemical Builds Giant Petrochemical Project in Indonesia

By Editorial Team 10/01/2022
ilustrasi petrokimia
Summary

The Indonesian government signed an investment memorandum of understanding (MoU) with Lotte Chemical Corporation (LCC) for a US$4 billion investment on January 7, 2022. Investment Minister Bahlil Lahadalia said Lotte would soon start the construction of a naphtha cracker petrochemical complex in Cilegon City, Banten. This project is known as Lotte Chemical Indonesia New Ethylene Project or LINE Project.

Bahlil said Lotte's investment plan had been stalled for four years. This project was finally realized by the Lotte Chemical team, the Korean Ambassador to Indonesia, PT Krakatau Steel Tbk (KRAS), and related institutions. "Through this investment, the trade balance will improve and will bring in foreign exchange and provide jobs," Bahlil said.

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