IOC weighs equity participation in Tuban Petro

31-Oct-06

State-owned Indian Oil Corporation (IOC) is eyeing equity participation in the Indonesia petrochem firm, PT Tuban Petrochemical Industries (Tuban Petro), owner of a US$3 billion petrochemical complex. 70% of TubanPetro is owned by the Government of Indonesia, and the balance 30% is owned by Pertamina, Itochu Corporation, Tuban Petrochemicals Pte Ltd (a subsidiary of Thailand's largest conglomerate Siam Cement PCL), and Sojitz Corporation (formerly Nissho Iwai Corporation). A detailed proposal will be put up for approval in IOC's next board meeting of the company. The Tuban petrochem plant has a combined capacity of 3.6 million tpa of petrochemicals products, including 1 million tpa of aromatics (500,000 tons paraxylene, 200,000 tons benzene, and 150,000 tons of toluene), 1 million tpa of naphtha, and 1.6 million tpa of kerosene and diesel.