Indorama to invest $5b through 2014
The Jakarta Post, Jakarta - 03/08/2011
The world's largest maker of polyester says it will allocate US$5 billion new investments in Indonesia through 2014.
Indorama Venture would invest $2.2 billion in Indonesian polyester and coal companies in 2010, chairman Sri Prakash Lohia said as reported by tempointeraktif.com.
The company’s total investment would top $5 billion by 2014, following a $2.8 billion investment in petrochemicals and oil and gas companies, he added.
“We are working on projects [worth] up to $5 billion in Indonesia, but we are still studying the development and the proposal,” Lohia said at the State Palace in Jakarta after meeting President Susilo Bambang Yudhoyono.
Also at the meeting were Coordinating Economic Minister Hatta Rajasa, Industry Minister MS Hidayat and Investment Coordinating Board (BKPM) chairman Gita Wirjawan.
Lohia said a planned polyester plant in Purwakarta alone would cost $200 million.
Indorama was also eyeing investing in the local coal gasification industry, especially in Sumatra, he added.
The company would diversify into the gas and petrochemical sectors after its other goals were achieved, Lohia added.
Yudhoyono explained the rules in investing in Indonesia during the meeting, talking of tax holidays and tax hours, Lohia said.
Indorama would comply with existing rules and that there was no special request for the company from the president, he added.
“We will accept the rules as they are.”