Lotte Chemical Titan to proceed with Indonesian project as economies open up

Lotte Chemical Titan to proceed with Indonesian project as economies open up
-A +A

KUALA LUMPUR (Oct 21): Lotte Chemical Titan Holding Bhd (LCT) has decided to proceed with the construction of an RM18 billion integrated petrochemical project in Indonesia, in view of the increase in worldwide Covid-19 vaccinations and opening up of global economies.

The construction of the Lotte Chemical Indonesia New Ethylene (LINE) project is expected to commence in 2022 and be completed by 2025, the group said in a bourse filing.

The group previously said the project will double its existing production capacity, as well as propel LCT into the top three companies in Southeast Asia, alongside Thailand-based Siam Cement Group pcl and PTT Global Chemical pcl.

Initially, the group expected to commence construction at the end of 2020 or early 2021, but the plan had been disrupted by the pandemic.

LCT’s share price rose three sen or 1.1% to close at RM2.77, giving the group a market capitalisation of RM6.41 billion.

Read also:
Cover Story 2: Lotte Chemical Titan eyes mega project in Indonesia to propel it into the top three spots in Southeast Asia

S Kanagaraju