White & Case advises Lotte Chemical on US$2.4 billion Indonesian naphtha cracker project
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Global law firm White & Case LLP has advised Lotte Chemical Corporation and PT Lotte Chemical Indonesia on the development and financing of a US$2.4 billion naphtha cracker project in the Banten Province of Indonesia.
"The project is vital in Lotte Chemical's bid to become a major player in the global ethylene market, and will substantially contribute to Indonesia's economic growth," said White & Case partner Sungjin Kang, who led the Firm's deal team.
The cracker plant will use naphtha and liquefied petroleum gas as its feedstock to produce 1,000 KTA of ethylene and 520 KTA of propylene. The additional domestic production from the project will significantly improve Indonesia's gas trade balance. Construction began in the first quarter of 2022 and commercial production is targeted for 2025. The lenders included The Export-Import Bank of Korea, Korea Trade Insurance Corporation and 12 other commercial banks.
The White & Case team which advised on the transaction was led by partner Sungjin Kang (Seoul) and included partner Tim Fourteau (Singapore) and associates Justin Chang, Nana Kwon (both Seoul), Callum Fitzpatrick (Singapore), Philip Phinn (London), Theresia Carolina and Deborah Victoria (both Jakarta).
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