JAKARTA (Yosefardi) – PT Lotte Chemical Titan Tbk (FPNI), one of the largest petrochemical company in Indonesia, is seeking syndicated bank loan of US$2 billion, used to fund the expansion of its integrated polyethylene plant located in Cilegon, West Java.
FPNI imports 1.1 million tons of etylen while PT Chandra Asri Petrochemical Tbk (TPIA) also supplies 2-4 thousands tons per month.
FPNI allocates US$4 million for capital expenditure (capex) this year. It suffered loss of US$2 million in the first quarter of 2015 while revenues dropped 20.3% to US$123.54 million from US$155 million in the first quarter of 2014.