Initially, the joint venture company is expected to market 150 thousand tons of polymers every year, Pertamina spokesman Ali Mundakir said here on Monday.
The polymers will be supplied by Pertamina and PTTGC, he added.
"The joint venture company will market petrochemical products initially. Later, a refinery will be built by Pertamina and PTTGC, which will start operating in 2018," he noted.
Pertamina marketing and commercial director Hanung Budya signed an agreement with PTTGC CEO Bowon Vongsinudom in Bangkok, Thailand, on Monday for the creation of the joint venture company.
Also present at the signing ceremony were Pertamina investment planning and risk management director M. Afdal Bahaudin and PTTGC chairman Prasert Bunsumpun.
Ali said he is optimistic the Indonesian market for chemical products will continue to expand as a result of industrial growth.
"We have set a target of having a 30-40 percent share of the sales in the domestic petrochemical market after the petrochemical refinery starts operating in 2018," he revealed.
The domestic petrochemical market is estimated to reach US$30 billion, he added, noting that Indonesia currently imports petrochemical products worth US$5 billion per year.(*)
Editor: Heru Purwanto
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