PT Petrokimia Gresik (Petrogres), a state-owned fertilizer market, is going to spend US$200 million on phosphate acid plant. The plant is build under a joint venture scheme with Jordan Phosphate Mines Co Plc (JPMC) and will be built on 17 hectares of area within in the Pupuk Petrokimia Gresik composite, East Java.
The annual production capacity of 200,000 tons. The plant construction is part of the strategy in meeting surging demand for NPK composite plant. With the new plant, the most complete fertilizer producer in Indonesia would have an installed capacity of 3.48 million tons of NPK fertilizer.
The company would bolster its NPK fertilizer (sold under trademark Phonska) production capacity from 2.4 million tons this year to 2.8 million ton next year.
Petrogres and JPMC had agreed to establish a joint venture agreement called PT Petro Jordan Abadi, in which each party controlled a 50% stake. The scheme for investment is 70% of the total investment need of US$200 million would come from debts and 30% from equities.
Petrogres plans to improve efficiency with start operating a 25 MW coal-fired power plant, which was built with an investment of IDR597.69 billion.
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