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Drumbeat: Ad Buzzaar
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Wednesday, July 15, 1998
Indonesia to cut chemical duty
REUTERS
Jakarta, July 14: Indonesia will cut import tariffs on several chemical and petrochemical products by November 10, trade and industry minister Rahardi Ramelan was quoted on Tuesday as saying. Indonesian newspapers said Ramelan told reporters import duties of up to 35 per cent on several petrochemical products, designed to protect Indonesia's upstream petrochemical industry, would be cut before a special session of Indonesia's highest constitutional body scheduled for November 10. "The government will decide on the tariff harmonisation before the special session of the People's Consultative Assembly," Ramelan was quoted as saying. Industry sources say a cut in import duties would hit Indonesian petrochemicals company PT Chandra Asri, which has an annual production capacity of 520,000 tonnes of ethylene and 240,000 of propylene. Chandra Asri is 23.8 per cent owned by a Japanese consortium led by Marubeni Corp with the remaining 76.2 per cent held by an Indonesian firm whose owners include former PresidentSuharto's son Bambang Trihatmodjo and timber tycoon Prajogo Pangestu. Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
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