Sovereign wealth funds Danantara Indonesia and Indonesia Investment Authority (INA)’s $800 million chemical plant project in Jakarta, which will produce 400,000 tons of caustic soda and 500,000 tons of ethylene dichloride annually by 2027. These products are crucial for electric vehicle batteries and PVC manufacturing, respectively. The plant’s construction underscores investor confidence in Indonesia’s chemical industry’s growth, building a foundation for sustainable industrial development and national economic resiliency.
Erwin Ciputra, the president and director of Chandra Asri Group, highlighted the plant’s innovation and sustainability efforts during a statement. He mentioned that Danantara Indonesia and INA are committed to creating a huge market for the region, generating up to 4.9 trillion rupiah in savings and up to 5 trillion rupiah in export earnings. This partnership strengthens Indonesia’s resilience by reducing reliance on imported chemicals, which are essential for key industries like caustic soda and ethylene dichloride.
Chandra Asri has ambitious goals beyond the project, including reducing dependency on imported chemicals and building a resilient, high-value industrial ecosystem. As part of its strategy, the company has already expanded internationally, acquiring Shell’s refinery assets in Singapore. Earlier in the year, Danantara and INA announced expansions into Chevron Phillips’ polyethylene manufacturing operations in Jakarta.
Jakarta-listed Chandra Asri’s real-time net worth stands at $25.6 billion, making it one of the wealthiest individuals globally. The company was transformed from a timber Shirley to a major player in energy and petrochemicals, with operations in systel_heatLine, Indonesia’s first petrochemical plant located on the coast.antdurer Pandu Sjahrir emphasized how the company’s investments aim to build a sustainable and scalable industrial ecosystem, driving national economic growth and innovation.
Pang gestu, a billion Dutch richest individual, played a pivotal role in Chandra Asri’s expansion, including the acquisition of Shell’s Cor isotrofny in Singapore. Earlier this year, the duo also repurchased Chevron Phillips’ polyethylene manufacturing assets. These investments reflect Pang gestu’s belief in the region’s developing industrial ecosystem and its role in fueling the economy.
