PT Tuban Petrochemical Industries (TubanPetro) is an integrated and leading national petrochemical company headquartered in Indonesia, founded in 1993. The development of TubanPetro began after the government completed the conversion of the Multi-Year Bond (MYB), also known as TubanPetro's Rp2.62 trillion debt, into shares with the issuance of Government Regulation (GR) Number 66 in 2019. This initiative provides TubanPetro the necessary room to expand its business while aiming to save receivables and optimize state assets to reduce imports of petrochemical products and accelerate the domestic downstream industry.
After the conversion, the government issued new shares, enabling PT. Pertamina to become a majority shareholder in TubanPetro, aligning with the government's vision to reduce import dependency on petrochemical products.
The company's development plan includes creating an integrated petrochemical cluster master plan, involving the building of an aromatic center and an olefin center at TPPI. This aligns with TubanPetro's strategic positioning towards strengthening the domestic petrochemical industry. Through these measures, TubanPetro aims to position itself as a key player in the national and international petrochemical landscape.
Overall, TubanPetro's transparent and accountable business model, coupled with its strategic partnerships with the government and PT. Pertamina, presents a promising outlook for the company's future growth and influence within the petrochemical sector.
