PT Pertamina and Taiwan’s CPC Corporation have entered into a heads of agreement (HoA) to develop an $8 billion integrated petrochemical complex in Indonesia. The project, to be built at Pertamina’sBalongan refinery, will involve a naphtha cracker for the production of around 1 million tonnes per year of ethylene. The plant is expected to commence operations in 2026. The two companies had signed an MoU for the project in 2018, followed by the signing of the framework agreement and joint feasibility studies since mid-2019.
