JAKARTA - PT Chandra Asri Petrochemical Tbk (TPIA) has allocated capital expenditure (capex) in 2020 amounting to US$ 430 million. The plan is that the capex will be allocated for the MTBE project which is targeted to be completed in the third quarter of this year.
In addition, TPIA also has an Enclosed Ground Flare project which is targeted to be completed in the fourth quarter. The majority of capex or around US$ 333 million will be used for the development of the Chandra Asri Perkasa complex (CAP2).
Suryandi, Director of TPIA, said that this year's capex funding sources will come from internal cash. "Our position is quite strong. We have cash of US$ 660 million. We will spend it wisely,” explained Suryandi in a media briefing teleconference today (17/3).
For information, the development of CAP2 requires around 200 hectares of land. Until now, the land acquisition process has almost reach 90%. (LM)