JAKARTA: The government has approved Honam Petrochemical Corporation to utilize land of PT Krakatau Steel Tbk through a scheme of rights to build.
The land acquisition had been already approved by State-Owned Enterprises Minister Dahlan Iskan through a meeting with Krakatau Steel, revealed by Directorate General of Manufacture Industry Basis at Industry Ministry Panggah Susanto.
Honam, a subsdiary of South Korean-based and giant company Lotte, plans to build an integrated-petrochemical industrial complex valued by US$5 billion.
The construction of production center project of Honam is estimated to complete within of 2-3 years after starting the process in the first quarter of 2013.
Later, the industrial complex will producer propylene and ethylene that will be reprocessed to be polypropylene, polyethylene, butadiene, mono ethylene glycol, mixed C4, and pygas. (t01/aph)