REPUBLIKA.CO.ID, JAKARTA - State oil and gas company, Pertamina, appoints PTT Global Chemical Public Company Limited as a partner in petrochemical business after the company won among other 10 global petrochemical companies. The agreement is due to sign in early April 2013.
"Pertamina will prepare the draft of agreement in the form of Head of Agreement (HoA)," Executive Director of Pertamina, Karen Agustiawan, said on Tuesday.
Pertamina targets to form a joint company with PTT Global Chemical by December 2013 in order to speed up the implementation of business development program. Agustiawan claimed that PTT Global Chemical had a global reputation on petrochemical. Both companies also cooperate on marketing, research and development.
PTT Global Chemical is the biggest producer of olefin and aromatic in Thailand. It is also the main player in Asia with the total production of 8.2 million tonnes per year. PTT Global Chemical is one of the petrochemical supplier in Asia Pacific.
Director of Marketing and Finance of Pertamina, Hanung Budya, said Pertamina expected petrochemical as another business in 2025 besides oil, gas and energy. "For the first step, Pertamina will build Naphta Cracker refinery," he said.
With the capacity of a million tonnes per year, the refinery is expected to be operated in 2017. Pertamina targets to own 30 percent market after it is being operated.
