Chandra Asri Appointed Second Petrochemical Complex Design Contractors

On 23 November 2021, PT Chandra Asri Petrochemical Tbk through its subsidiary PT Chandra Asri Perkasa has appointed four contractors namely Toyo Engineering Corporation, Samsung Engineering Co., Ltd., Wood, and PT Haskoning Indonesia to work on the Front-End Engineering Design (FEED) for its second world-scale petrochemical complex in Indonesia (CAP2). This new milestone was marked by a virtual signing ceremony of the agreement with the four international and leading contractors today, held across Indonesia, Japan, South Korea, and Thailand. FEED is a key stage for the detailed planning of the CAP2 project, and will be followed by the selection of engineering, procurement, and construction (EPC) contractors. A Final Investment Decision (FID) will be taken by shareholders after EPC bidding is complete. Chandra Asri targets to take FID in 2022, and CAP2 operations to commence from 2026. CAP2 is the Company’s effort to respond to the challenges and opportunities arising from the growing demand for domestic petrochemical products, while reducing dependence on imports.