12 Years
PT Lotte Chemical Indonesia, an Indonesian subsidiary of Lotte Chemical, has completed external financing for the construction of a petrochemical complex in Banten Province, Indonesia.
PT Lotte Chemical Indonesia announced that it signed a 12-year-long contract to borrow US$2.4 billion (approximately KRW 3.1 trillion) from 12 global financial institutions via financial support such as loans, guarantees, and insurance from the Export-Import Bank of Korea (KEXIM) and Korea Trade Insurance Corporation (K-SURE), which are Korean government-run financial institutions.
The Lotte Indonesia New Ethylene (LINE) project, with a total investment of about US$3.9 billion (approximately 5.1 trillion won), is a super-large petrochemical complex that makes products such as 1 million tons of ethylene and 520,000 tons of propylene annually. PT Lotte Chemical Indonesia aims for the complex’s mechanical completion and commercial production in 2025.