JAKARTA (Yosefardi) – Chemical CompanyPT Chandra Asri Petrochemical Tbk (TPIA) and Michelin, the giant tire manufacturer, propose to get tax holiday from the government of Indonesia.
Both companies plan to produce syntetic rubber with US$435 million of investment in Cilegon, Banten province. The construction of the plant is targeted to start by early 2015 and come on stream by 2017.
TPIA booked net profit of US$4.9 million in first half of this year, compared to loss US$51.65 million in the same period of last year.
PTRO has partnered with Ferrostaal Industrial Projects to study the opportunity to establish a petrochemical factory in Teluk Bintuni, West Papua with estimated investment of US$1.8 billion.