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JV for storage in Indonesia
Chandra Asri Petrochemical in alliance with Royal Vopak.
A letter of intent (LOI) to set up a joint venture company has been inked by Chandra Asri Petrochemical Tbk (Chandra Asri), a major Indonesian petrochemical company, and the tank storage company Royal Vopak (Vopak).
The collaboration aims at the construction of a new jetty and tank farm line of business to serve third party customers, and the second petrochemical complex of Chandra Asri. The regional focus is on Cilegon, Banten Province, Indonesia.
The finalisation of this LOI and the setting up of the joint venture company is subject to final terms and conditions, including customary regulatory and shareholder approvals. (cd)