INDONESIA PT Indo Thai Trading begins operations as marketing JV of Pertamina, PTTGC

The incorporation of ITT is a "significant milestone” in the implementation of Pertamina and PTTGC's joint cooperation, noted Pertamina.

The proposed complex, which is scheduled to come on stream by 2019 in Balongan, West Java, is expected to include the production of about 1.2-million t/y of polyethylene and polypropylene and nearly 1-million t/y of other petrochemical derivatives such as monoethylene glycol and butadiene. ITT will be responsible for the marketing and sales of all production from this complex.

Prior to the complex coming on stream, ITT will serve as the exclusive distributor for Pertamina and PTTGC's products in Indonesia. In order to diversify its portfolio, ITT also plans to outsource products from third parties.

Pertamina Marketing and Commercial Director Hanung Budya said Indonesia's petrochemical industry is expected to have a market value of between $24-billion and $30-billion in 2025. "Now is the time for us to seize these opportunities. With . . . PTTGC-Thailand as one of the
leading polyolefin producers in the ASEAN region, we firmly believe that this collaboration will be very promising in the future.”

Source: Weekly "PetroChemical News", Durham, NC, USA; 18 Aug 2014
Syed Rashid Ali