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Investing.com -- Lotte Chemical Titan announced on Monday that its Indonesia-based subsidiary has secured a 10-year ethylene supply agreement valued at approximately $3 billion with Lotte Chemical Indonesia Nusantara.
Under the terms of the deal, Lotte Chemical Indonesia (LCI), which recently started operations at its cracker facility in Indonesia’s Banten province, will provide 350,000 tonnes of ethylene annually to Lotte Chemical Indonesia Nusantara (LCTN). The supply arrangement is scheduled to begin in September.
Lotte Chemical Titan maintains an indirect controlling interest of 92.5% in Lotte Chemical Titan Nusantara.
The large-scale petrochemical plant in Banten province, operated by LCI, is 51% owned by Lotte Chemical Titan, with the remaining ownership held by Lotte Chemical Corp (KS:011170).
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