Indonesian petrochemical firm Trans Pacific Petrochemical Indotama (TPPI) has declared force majeure this week due to a problem with port facilities.
The shareholders of Tuban Petro outside PPA are Itochu Corporation (4.25%), Tuban Petrochemicals Pte Ltd (the subsidiary of Siam Cement PCL, 17%), Sojitz Corporation (4.25%), and Pertamina (15%).
Currently, PPA's stock and credit assets in Tuban Petro consist of IDR3.266 trillion's worth multi years bond and IDR4.167 trillion's worth mandatory convertible bonds (MCB).
The MCBs represent a 21%-25% stake in PT Trans Pacific Petrochemical Indotama (TPPI). TPPI produces 1.06 million tons of aromatic, such as paraxylene, benzene, toluene, and orthoxylene, annually.
In addition, TPPI will also produce 1.62 million tons of fuel per annum and 1.06 million tons of light naptha per annum.
Tuban Petro now is trying to boost the production capacity of its paraxylene plant.
Tuesday, February 26, 2008
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