AKR Corporindo to Spend 2.3 trln rph on Industrial, Port Project

PT AKR Corporindo, a distributor of basic chemicals and petroleum products, plans to spend 2.3 trillion rupiah ($198.84 million) on investment in the second half of this year, to finance its Java Integrated Industrial and Port Estate project, said Director Suresh Vembu.

The firm is working in co-operation with state port firm PT Pelindo on the project situated on a 1,700-hectare site in Gresik, East Java, and has secured loan commitments from local banks for the project, Vembu said. (Investor Daily)

Note: Reuters has not verified this story and does not vouch for its accuracy.

(Compiled by Jakarta Newsroom; Editing by Sunil Nair)

($1 = 11567 rupiah)