JAKARTA - The Ministry of Industry is optimistic that the development of TubanPetro will greatly contribute to reviving the growth of petrochemical industry in Indonesia. This strategic step is also considered capable of being a solution for the substitution of imported petrochemical industry raw materials.
"Therefore, if we want to improve our ability from the petrochemical perspective, problems in the company need to be resolved first," Secretary General of the Ministry of Industry Achmad Sigit Dwiwahjono said on Friday (9/13). The development of TubanPetro will also make the supply of petrochemicals to the industrial sector more secure.
Therefore, PT Tuban Petrochemical Industries (TubanPetro) Multi Years Bond (MYB) debt conversion process is still waiting for Government Regulation (PP). The regulation could become a starting point for the development of Tuban Petro as the basis for an integrated national petrochemical industry.
The conversion policy has been included in the 2019 State Budget (APBN). At present, Ministry of Finance has 70 percent stake in TubanPetro. Post-conversion, the government will own 95.9 percent stake in TubanPetro.
PT Tuban Petrochemical Industries Managing Director Sukriyanto conveyed, the company was ready to be further developed through revitalization efforts initiated by the government. TubanPetro’s subsidiaries, namely PT TPPI, PT Petro Oxo Nusantara, and Polytama Propindo, are already operating well and stable with a fairly large market share. (LM)