AKR Corp. to build $150 million oil storage terminal

Publicly listed chemical distributor AKR Corporindo will build an oil storage terminal on a 15.5-hectare area in Tanjung Priok, North Jakarta with an investment of about US$150 million as part of the company's expansion program, Investor Daily reported Wednesday.

The company's president Haryanto Adikusoemo said in Jakarta Tuesday that AKR, one of Indonesia's major distributors of chemical products, would cooperate with a foreign investor in building the oil storage terminal.

"The oil storage terminal will be used to provide fuel supply in Jakarta greater area including Bogor, Depok, Bekasi and Tangerang," he was quoted by the newspaper as saying.

He hoped that the operation of the oil storage terminal which was expected to begin operation in the second semester in 2008, would be able to contribute about 35 percent of the company's annual revenue. (*)