Taiwanese state-owned oil refiner CPC Corp. is committed to investing US$22 billion for the development of the Balongan petrochemical refinery. In 2018, the company and Indonesia’s oil and gas holding PT Pertamina has signed a US$6.49 billion framework agreement for the project.

Coordinating Minister for Maritime and Investment Affairs Luhut Binsar Pandjaitan said the cooperation between Pertamina and CPC is carried out in the form of the construction of a global-scale naphtha cracker plant and a global petrochemical downstream development unit in Indonesia. The Indonesian operator is committed to diversifying its business into new and renewable energy segments as support for the government program for an energy mix that targets new and renewable energy portions of 25%.