China invests in US $ 2.54 billion in steel plant in Central Java

July 27, 2018

IRFAN ILMIE BETWEEN NEWS - 25/07/2018, 08:36 WIB

Beijing, China (ANTARA News) - China-based steel company Hebel Bishi Steel Group has invested US $ 2.54 billion in Central Java Province, Indonesia, to build a steel plant to have a production capacity of three million tons.

"That will be the first phase of investment in Kendal (Central Java)," Deputy Governor of Central Java Heru Sudjatmoko was quoted as saying by Antara correspondent in Beijing, on Tuesday night.

Apart from the steel plant, the investment fund would also be used to coking coal plants with 2.4 million tons of capacity, a power plant with 270 megawatt capacity, and a port's support facility with 100 DWT capacity.

Hebel Bishi Steel Group has partnered with Indonesia, PT Seafer Kawasan Industri in investing their funds in Central Java.

"Central Java is one of the back of Indonesia's economy. So, when Chinese business wants to invest, we are ready to assist until it is done," Sudjatmoko noted.

He added that the Central Java government has promised the Chinese business sector procurement procurement permit.