"Hopefully, by the end of 2023, (the methanol plant) would begin its commercial production, or 2024 at the latest," the company's President Director Bakir Pasaman stated here on Tuesday.
He remarked that the plan is in line with the state enterprises minister`s directive to expand the company as a petrochemical industry center that produces not only fertilizer but also methanol.
According to Bakir, the methanol industry has more varied derivative products as compared to ammonia.
Development of the methanol industry in Indonesia has lagged behind other countries, he stated.
With its plan to build a natural gas-based methanol plant, the company has established coordination with the Special Task Force for Upstream Oil and Gas Business Activities (SKK Migas) to obtain a competitive gas price.
In addition, he noted that the company had evaluated strategic partnership with some countries, such as Japan and Korea, and prepared some 60 hectares of land for the project.
Construction of the plant is projected to run for 36 months and completed in 2023, he remarked.
Reporting by Muhammad Razi Rahman