South Korean retail company Lotte Group plans to invest around US$5 billion in the Indonesian petrochemical industry, a minister said. The company was currently looking for a suitable location for its production facility to produce raw materials for petrochemical industry, Mohamad Suleman Hidayat said here on Wednesday.
"It is in the process of choosing Merak (Banten) or Tuban (East Java) as the location (for its production facility)," he said.
He said if the company realized its investment plan in Indonesia this year, the country would have naphta and condensate plants in the next five years. According to him, the government was making an effort to attract investors to build oil refineries capable of producing raw materials for the petrochemical industry such as naphta and condensate to meet rising demand from the chemical industry.
Lotte Group consists of over 60 business units employing 60,000 people engaged in such diverse industries as candy manufacturing, beverages, hotels, fast food, retail, financial services, heavy chemicals, electronics, information technology, construction, publishing, and entertainment.
Lotte has major operations by Shin Kyuk-Ho’s family located in Japan and South Korea with businesses in China, Thailand, Indonesia, Vietnam, India, the United States, Russia, the Philippines and Poland.
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