Jakarta (ANTARA News/Asia Pulse) - South Korean chemical company Sun Kiong Corp will invest US$200 million in a lube-based oil plant being built in Dumai, Riau, in cooperation with PT Pertamina.
A Pertamina spokesman Toharso said the state-owned oil and gas company, which contributes only land to the joint venture project, will own 40% of the project and the Korean partner will hold the majority stake of 60%.
Construction of the project, which will produce third generation lube-based oil with a capacity of 7,000 tons a day, had already been underway since February and was to be completed in 2008, Toharso said.
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