PTT expects to soon sign petrochemical deal with Pertamina

By Ruli Setiawan

Thailand?s PTT Global Chemical Plc Ltd (PTTGC) said recently that it expected to sign later this year a deal with state owned oil and gas firm PT Pertamina to study and develop a petrochemical complex in Indonesia

?This project has an investment value of US$4-5 billion. The joint venture agreement is expected to be signed before the end of 2013,? the firm said in a statement released on Nov. 11.

Both firms signed a Heads of Agreement for the project in Bangkok in April this year, according to a release from Pertamina.

PTTGC said in the statement that the agreement aims to jointly study and invest in petrochemical plants, both in upstream and downstream industries, in Indonesia. Meanwhile, Pertamina said in April this year that the petrochemical plant is expected to be ready for commercial operation by 2018 at the latest.

Editing by Johannes Simbolon