Page 40 - Plastics News April 2017

BUSINESS NEWS

Export Promotion Councils Lotte Chemical Indonesia to

collaborate to promote exports invest US$4 bln in petrochemical

of finished goods from India plant in Cilegon, Banten

uoyed by the export growth of over 17% YoY in February,
Bthe Ministry of Commerce and Industry is encouraging outh Korean chemical manufacturer Lotte
a wider basket of exportable goods. At Capindia 2017, SChemical Titan clarified that the new investment
a joint platform by four export promotion councils, of a petrochemical plant worth US$4 billion in Cilegon,
CHEMEXCIL, PLEXCONCIL, CAPEXIL AND SHAFEXIL, over 200 Banten, would be carried out by its sister company
buyers from 36 countries are talking to nearly 400 Indian Lotte Chemical Indonesia. Lotte Chemical Titan
exporters for products like chemicals including organic & president director Yoon Sungku made the clarification,
inorganic chemicals, agro chemicals, dyestuff, cosmetics, following media reports that wrongly said that the
toiletries, castor oil, plastics, construction materials, Books new project would be run by his company. “Lotte
& Publication, Paper and Stationary Products, wood and Chemical Titan engages in the business of trading
allied products. Overseas buyers include delegations from polyethylene and polypropylene, while our subsidiary
13 African countries, 13 Asian countries and other important Lotte Chemical Titan Nusantara engages in the
markets such as CIS, LAC etc.Sustainability in exports is business of producing and selling polyethylene,”
very critical, said Satish Wagh, Chairman, CHEMEXCIL, “the Yoon said. He stressed that Lotte Chemical Titan and
government thrust on exploring diverse countries for a Lotte Chemical Titan Nusantara had nothing to do
whole variety of products is a big encouragement for India
exporters. At Capindia 2017 the product showcase includes
thousands of products.
The overseas buyer
is indeed spoilt on
choices. Steps such
as Capindia 2017
would go a long way with activities of the new plant in Cilegon. However,
in promoting SMEs he added that the new plant would produce ethylene
and non-core products which might fulfill the feedstock requirement of Lotte
going a long way in Chemical Nusantara in producing polyethylene, he
building sustainability
in our exports.”Indian exporters are feeling more positive said.
with developments like GST, government focus, global “The plant which is being built on 45 hectares of land
geopolitical realignments etc. More and more countries are can produce 1 million tons of ethylene per year,” Yoon
looking at India for their needs for a diverse imports needs. said. He later explained that Lotte Chemical Indonesia
Among the overseas buyers at Capindia 2017 is Dr Nguyen was not listed on the Indonesia Stock Exchange (IDX)
Thanh Hai, Chairman of the Board, Graphenstone, from as the firm’s stocks were mostly owned by its parent
Vietnam. He is busy talking to a number of Indian exporters. company, Malaysia’s Lotte Chemical Titan Group.
Sounding satisfied with his visit, he said, “For Vietnam India According to a statement, Lotte Chemical Indonesia
is a very friendly market. India has a lot of good products is 99.998% owned by Malaysia’s Lotte Chemical Titan
to showcase. The best edge of India is in terms of pricing and the remaining percentage by Lotte Chemical
and quality. I am here to import Chemical for paints. India Singapore, another subsidiary of Malaysia’s Lotte
also has a lot of organic farming innovations which I am Chemical Titan.
very impressed with. I will be looking forward to coming
back again to this event, wishing at an even larger scale.”

Plastics News | April 2017 40