Dutch oil and chemicals storage firm Vopak will build a liquefied petroleum gas (LPG) terminal in Indonesia together with Chandra Asri Petrochemical for $150 million in investment, the Indonesian firm said on Monday.
Chandra Asri said construction was expected to begin by the end of this year and the terminal will be onstream by 2014.
"The terminal's distribution capacity is expected to be 1 million tones per year," Chandri Asri's president director Erwin Ciputra said in a statement.
He said the terminal could be used to distribute LPG both to its own factories and to other companies. LPG includes propane and butane, and prices soared in the fourth quarter, due to cold European weather and an overall rise in demand for petrochemical feedstocks.
Vopak is the world's largest independent storage tank operator.
Chandri Asri is owned by PT Tri Polyta Indonesia , the country's largest manufacturer of polypropylene resins, through PT Barito Pacific , the holding company of Indonesian tycoon Prajogo Pangestu. Source: Reuters
Chandra Asri said construction was expected to begin by the end of this year and the terminal will be onstream by 2014.
"The terminal's distribution capacity is expected to be 1 million tones per year," Chandri Asri's president director Erwin Ciputra said in a statement.
He said the terminal could be used to distribute LPG both to its own factories and to other companies. LPG includes propane and butane, and prices soared in the fourth quarter, due to cold European weather and an overall rise in demand for petrochemical feedstocks.
Vopak is the world's largest independent storage tank operator.
Chandri Asri is owned by PT Tri Polyta Indonesia , the country's largest manufacturer of polypropylene resins, through PT Barito Pacific , the holding company of Indonesian tycoon Prajogo Pangestu. Source: Reuters
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