Petrochemical park set up

Petrochemical park set up

JAKARTA(JP): PT Pancapuri Indoperkasa, a new company owned by businessman Prajogo Pangestu, will build a petrochemical industrial estate in Cilegon, West Java, with an investment of Rp 120 billion (US$54 million), to support the operation of his olefin center.

Ferry Sutandi, general manager of Pancapuri Indoperkasa, said over the weekend that the planned industrial estate, to be named Pancapuri Indoperkasa Industrial Estate, is expected to be ready to accommodate the construction of petrochemical plants later this year, after the operation of the olefin center, which is owned by PT Chandra Asri Petrochemical Center.

The center, currently at its trial operation stage, is expected to start commercial production next month.

Sutandi said the planned industrial estate will cover an area of 250 hectares, comprising of 25 five-hectare lots, three ten- hectare lots and two 13-hectare lots.

He said that 33 percent of the whole area, of which 175 hectares will be offered to investors, has now been reserved.

He said that 60 percent of the cost for the industrial estate development is financed with a loan from Bank Danamon and the remaining 40 percent with equity capital, reported Bisnis Indonesia.

Pancapuri Indoperkasa has Prajogo as its chief commissioner and Sudwikatmono as its president.(32)