JAKARTA. PT Pertamina (Persero) has signed a Head of Agreement (HoA) with CPC Corporation, an oil and gas company from Taiwan, to develop the petrochemical industrial complex in Balongan, West Java, with an investment of US$ 8 billion.
Nicke Widyawati, Director of Pertamina, said the complex will reduce imports of petrochemical products in Indonesia. "Pertamina together with the government and Taiwan's CPC will continue to strengthen cooperation to complete the project in 2026," Widyawati explained through an official statement received by idnfinancials.com on Friday (5/6) today.
Nicke added that the cooperation could be realized with the support of the Indonesian government in attracting foreign investment, especially with the support of investment facilities and incentives for the project.
Meanwhile, Bahlil Lahadalia, Head of the Investment Coordinating Board (BKPM), confirmed that the Indonesian government has provided tax incentives for this project. "We have given confirmation of the tax holiday yesterday," Lahadalia explained on the same occasion. (KR/AR)