Petrochemical firm set up

Petrochemical firm set up

TOKYO (Reuter): Japan's Idemitsu Petrochemical Co Ltd, Sumitomo Corp and Indonesia's PT Bima Kimia Citra have agreed to set up a petrochemical joint venture in Indonesia, an Idemitsu official said.

The 11,000 ton-per-year PT Idemitsu Compounding Indonesia plant is set to start production of flame-resistant polystyrene in October, he said. The polystyrene will be used in Japanese electrical appliance plants in Indonesia.

Idemitsu Petrochemical has a 55 percent stake in the new company, capitalized at US$1.6 million. Bima Kimia Citra and Sumitomo will hold 35 and 10 percent, respectively, he said.