Koch announces effort to develop Indonesian chemical project; Koch continues global growth.WICHITA, Kan.--(BUSINESS WIRE)--Jan. 24, 1997--Koch Industries announced today that one of its subsidiaries, Koch Refining International Pte. Ltd., expects to sign agreements with P.T. Trans-Pacific Petrochemical Indotama (TPPI TPPI Time Proportional Phase Increment TPPI Inverse of Tangential proper part (RCC Spatial Logic) TPPI TEFA Pedagogical Perspectives Interview ) to participate in the development of a world-scale petrochemical complex in Tuban, East Java East Java (Indonesian: Jawa Timur) is a province of Indonesia. It is located on the eastern part of the island of Java and also includes neighboring Madura and Bawean islands. , Indonesia. The 3 million-metric-ton-per-year chemical complex will utilize condensate as a feedstock. The complex will consist of two major processing facilities -- an olefins plant and an aromatics plant. Products produced at the complex will be sold primarily within the growing Indonesian market and throughout Asia. Under the agreement, Koch will be the exclusive provider of feedstocks sourced outside Indonesia -- including condensate and naphtha naphtha (năp`thə, năf`–), term usually restricted to a class of colorless, volatile, flammable liquid hydrocarbon mixtures. -- for processing at the complex and will purchase aromatic products from the project on a standby basis, and 50,000 metric tons per year of paraxylene on a fixed basis. Koch has also expressed an interest in taking additional roles in the project. The petrochemical complex, expected to cost about $2.3 billion, is scheduled to be operational by mid-1999. Others participating in the project include: PT Tirtamas Majutama, a leading Indonesian company active in mining, building materials Building materials used in the construction industry to create . These categories of materials and products are used by and construction project managers to specify the materials and methods used for . , petrochemicals and other industries; TransPacific trans·pa·cif·ic adj. 1. Situated on or coming from the other side of the Pacific Ocean. 2. Spanning or crossing the Pacific Ocean. Petrochemicals Ltd., an affiliate of PT Tirtamas Majutama; Cementhai Chemicals (Singapore) Pte. Ltd., a subsidiary of The Siam Cement The Siam Cement Public Company Ltd. is a large cement company in Thailand. It is listed on the Stock Exchange of Thailand (trading symbol: SCC). It was founded under the Royal Decree of King Vajiravudh in 1913. Public Co. Ltd., Thailand's leading cement manufacturer with stakes in a broad range of upstream, intermediate and downstream petrochemical operations; and Nissho Iwai Corp., a leading Japanese trading company with significant experience in petrochemical projects. BA Asia, the Hong Kong-based merchant banking arm of Bank America, is acting as financial advisor to TPPI and has issued a commitment to underwrite a significant portion of project debt, expected to be as much as $1.75 billion. Details of the project were outlined in a news conference in Jakarta today. Koch Industries Koch Industries, Inc. (pronounced "koke") is a private corporation based in Wichita, Kansas. According to Forbes Magazine, it is the largest privately owned company in the world by revenue (surpassing Cargill in 2005 with the acquisition of Georgia-Pacific), with subsidiaries is the second-largest privately held company privately held company A firm whose shares are held within a relatively small circle of owners and are not traded publicly. in the United States. The company is involved in virtually all phases of the oil and gas industry, as well as in chemicals, chemical technology products, agriculture, hard minerals, real estate and financial investments. For more information on Koch Industries, refer to Koch's Internet home page at www.kochind.com . CONTACT: Koch Industries Inc., Wichita Jay Rosser, 316/828-7462 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion