TPIA - PT. Chandra Asri Petrochemical Tbk

Rp 6.625

-125 (-1,85%)

JAKARTA. PT Chandra Asri Petrochemical Tbk (TPIA) and PT Pertamina (Persero) have signed a Memorandum of Understanding (MoU) with ADNOC, an Abu Dhabi state-owned company engaged in the oil and gas sector.

According to official information, cooperation between Pertamina and ADNOC includes the development of petrochemical facilities in Balongan, West Java. In addition, ADNOC will also supply 528,000 Metric Tons (MT) of LPG by the end of 2020.

Whereas TPIA's collaboration with ADNOC will include the provision of naphtha as raw materials for the cracker complex.

According to information compiled by idnfinancials.com, ADNOC produces 3 million barrels of oil and 10.5 billion cubic feet of gas per day. Proven oil reserves owned by ADNOC reached 97.8 billion barrels. (KR/AR)