Mubadala, OMV and petrochemical leaders PT Chandra Asri Petrochemical Tbk and PT Chandra Asri Perkasa agreed to explore opportunities for collaboration in the petrochemical sector in Indonesia.
The signing of the Memorandum of Understanding was witnessed by His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, and His Excellency Joko Widodo, President of the Republic of Indonesia.
The agreement was signed by Mr. Musabbeh Al Kaabi, CEO of Petroleum & Petrochemicals Mubadala Investment Company, Dr. Rainer Seele, CEO of OMV and Erwin Ciputra, President Director of PT Chandra Asri Petrochemical Tbk and PT Chandra Asri Perkasa.
The agreement affirms the intention to explore potential opportunities for collaboration in the area of petrochemicals in Indonesia. The companies will set up working groups to jointly define a schedule for the evaluation of the opportunities.
“We have been active in Indonesia for over 10 years through our portfolio companies operating across the value chain. We consider Indonesia a strategic market and are confident that this MoU will result in potential opportunities for Mubadala, our portfolio companies and key partners”, said Musabbeh Al Kaabi, highlighting Mubadala’s history in the South East Asian market and growth opportunities in Indonesia.