Michelin begins Indonesian synthetic rubber JV
A deal signed between Compagnie Financière Groupe Michelin and PT Petrokimia Butadiene Indonesia (PBI), a wholly-owned subsidiary of PT Chandra Asri Petrochemical Tbk (CAP), will see the production of styrene and butadiene-derived synthetic rubber taking place in Indonesia through a joint venture firm. The agreement gives Michelin 55 per cent ownership in the new company, with PBI holding the remainder. The total investment is estimated to be US$435 million, with plant construction expected to commence in early 2015. Completion and start-up is targeted for the beginning of 2017.