Lotte Chemical Titan secures $3 billion ethylene supply deal in Indonesia
The logo of Lotte Chemical is seen at its building in Seoul, South Korea, June 7, 2016. REUTERS/Kim Hong-Ji
NEW DELHI :Malaysia's Lotte Chemical Titan said on Monday that its Indonesia-based subsidiary has agreed to a 10-year ethylene supply deal worth around $3 billion with its downstream petrochemical producer, Lotte Chemical Indonesia Nusantara.
Lotte Chemical Indonesia (LCI), which recently commissioned a cracker in Indonesia’s Banten province, will sell 350,000 tonnes of ethylene annually to Lotte Chemical Indonesia Nusantara (LCTN) beginning in September.
Lotte Chemical Titan indirectly controls a 92.5 per cent stake in Lotte Chemical Titan Nusantara.
Lotte Chemical Corp’s large-scale petrochemical plant, LCI, in Banten province, is 51 per cent owned by Lotte Chemical Titan.
