Petrochem plant in Sulawesi

JAKARTA (JP): PT Makassar Petrosel Global has received approval from the Investment Coordinating Board (BKPM) to build an aromatic and olefin plant in Barru regency, South Sulawesi, a company executive said here yesterday.

Fadel Muhammad, also a senior executive of the Bukaka Group, said that Makassar Petrosel would invest Rp 9.6 trillion (US$738 million) in the petrochemical project.

He said an Australian company had agreed to buy an 80 percent stake in the company.

The petrochemical complex will be built on a 400 hectare plot, he said, adding: "Hopefully we can start construction of the plant in 2000," he said. (aly)