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South Korean Lotte Group considering new petrochemical ventures in southeast Asia

February 25/2011

(ICIS) -- South Korean conglomerate Lotte Group is considering new petrochemical ventures in southeast Asia, including an investment in Indonesia that may top $5bn (?3.6bn), a company official said on Friday.

We are considering a cracker and its downstream units in Indonesia but we are still studying what kind of downstream plants to build, said the official who declined to be named.

Lotte Group has also started a feasibility study for investments in other countries in southeast Asia, including Vietnam and Malaysia. The study was expected to be completed within this year, the official said.

The Lotte Group currently has a presence in Indonesia via its subsidiary, Honam Petrochemicals, which acquired Malaysias polyolefin major Titan Chemicals in July 2010. Included in the acquisition was Titans Indonesian subsidiary - PT Titan Petrokimia Nusantara (TPN), which has a polyethylene (PE) production capacity of 450,000 tonnes/year.

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