SEOUL– Lotte Engineering & Construction Co. and Hyundai Engineering Co. said Sunday they have signed US$2.39 billion deals to construct a giant petrochemical complex in Indonesia.
Under separate deals with Lotte Chemical Corp., Lotte E&C and Hyundai Engineering will build the complex in Cilegon, a coastal industrial city about 90 kilometers northwest of Jakarta, by 2025.
Lotte E&C’s stake is $1.63 billion while Hyundai Engineering’s stake is $757 million.
The complex will have an annual capacity to produce 1 million tons of ethylene, 520,000 tons of propylene, 250,000 tons of polypropylene and 140,000 tons of butadiene, according to Lotte E&C and Hyundai Engineering.
The deals are part of Lotte Chemical’s $3.9 billion project to build the petrochemical complex in the Southeast Asian country.
Lotte Chemical and Lotte E&C are units of South Korean conglomerate Lotte Group while Hyundai Engineering is a plant engineering affiliate of Hyundai Motor Group.
Source: Yonhap News Agency