Lotte Chemical Signs 10-Year Ethylene Supply Agreement with Indonesian Company
Lotte Chemical Indonesia has signed a 10-year contract to supply ethylene, a core raw material in the petrochemical industry, to Asahimas Chemical for use in various downstream manufacturing processes.
Ethylene is obtained by refining crude oil or natural gas and is an important raw material for the production of plastics, vinyl, synthetic fibers and other industrial materials.
Lotte Chemical Indonesia is the local subsidiary of South Korea's Lotte Group and currently has an annual ethylene production capacity of about 1 million tons.
Industry insiders believe that the deal will not only ensure a long-term and stable sales channel for the company, but also support Indonesia's greater self-sufficiency in key chemical inputs.
Yim Dong-hee, CEO of Lotte Chemical Indonesia, pointed out that the cooperation is an important milestone in improving the efficiency and global competitiveness of Indonesia's petrochemical industry.
The agreement was signed during a visit to Indonesia by a South Korean business delegation led by Lotte Group Chairman Shin Dong-bin.
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