Pertamina ready to acquire Polyprima

State oil and gas company PT.Pertamina said it was ready to acquire 100 percent stake of purified terephathalic acid (PTA) plant PT Polyprima Karyareksa, which is currently in the process of being disposed by its main creditor PT.Bank Mandiri Tbk.

CEO Ari Soemarno told reporters on Thursday that Pertamina has 30 years experience to operate PTA plant in Plaju refinery, South Sumatra. Beside, he said, Pertamina also has access to supply paraxylene, the plant?s raw material from its refineries.

Pertamina is reportedly competing with two competitors, namely Ashmore Group and Kellet Group, to acquire the plant. The three companies had completed due diligence on the plant.

Bisnis Indonesia daily on its Thursday edition reportedly said Bank Mandiri puts price tag of US$400 million for the plant.(godang)