JAKARTA (Yosefardi) – PT Chandra Asri Petrochemical Tbk (TPIA) and BP Singapore Pte Ltd has signed memorandum of understanding (MoU) to develop condensate spliter project, to produce 100,000 barrel of feedstock per day in Cilegon, Banten.
TPIA, the largest petrochemical company in Indonesia, needs 2 million tons of naphtha per year. The contruction of this project will take 3 years.
It booked net profit of US$13.04 million in nine months ended September 30, 2014. It is an improvement compared to net loss of US$5.62 million in the corresponding period of 2013.
TPIA’s sales revenue grew by 7.4% to US$1.95 billion in the period, as falling crude oil and natural gas helped petrochemical companies worldwide.