VOI - Voice of Indonesia | RRI - Radio Republik Indonesia

The Ministry of Investment, the Investment Coordinating Board and Lotte Chemical Corporation signed a Memorandum of Understanding on Facilitating the Acceleration of Investment Realization carried out in a hybrid manner in Seoul, South Korea, Friday (7/1). This Memorandum of Understanding reflects the strong commitment of Indonesia and South Korea in increasing investment and developing new partnerships in the ethylene sector. This was emphasized by Ambassador of the Republic of Indonesia to South Korea, Gandi Sulistiyanto Soeherman in his remarks while witnessing the signing of the Memorandum of Understanding. He hopes that the signing of this Memorandum of Understanding will strengthen cooperation between Indonesia and South Korea in other strategic fields.

In addition to the signing of the Memorandum of Understanding, there was also the signing of the Engineering, Procurement and Construction, EPC Agreement between PT Lotte Chemical Indonesia and the contractors. The signing was also witnessed by South Korean Ambassador to Indonesia and leaders of the Indonesian and South Korean private sectors. The new ethylene project or the so-called Line Project aims to build a large petrochemical complex. The complex is set to produce 1 million tons of ethylene with a sales target of US$2.06 billion per year.

On the same day, Ambassador Gandi Sulistiyanto in Seoul has fulfilled an invitation from the Minister of Trade of South Korea, Mr Yeo Han-Koo in order to discuss the potential for South Korea's cooperation with a number of partner countries to overcome the crisis of raw material supply shortages. At the meeting, apart from the Indonesian Ambassador, there were also ambassadors from 9 other key global supply chain actors, including Brazil, Chile, Malaysia, the Philippines and Vietnam.