PT Chandra Asri Petrochemical Tbk (Chandra Asri) through its subsidiary PT Chandra Asri Perkasa has appointed four contractors namely Toyo Engineering Corporation, Samsung Engineering Co., Ltd., Wood, and PT Haskoning Indonesia to work on the Front-End Engineering Design (FEED) for its second world-scale petrochemical complex in Indonesia (CAP2).  FEED is a key stage for the detailed planning of the CAP2 project, and will be followed by the selection of engineering, procurement, and construction (EPC) contractors. A Final Investment Decision (FID) will be taken by shareholders after EPC bidding is complete. Chandra Asri targets to take FID in 2022, and CAP2 operations to commence from 2026. Erwin Ciputra, President Director of Chandra Asri, said “We are excited to announce that our second petrochemical complex project has entered an exciting new chapter with the selection of four leading international contractors to work on FEED. We will work together with our selected contractors to progress the CAP2 project in line with the jointly established target timelines. With the commencement of FEED work, we hope to realize the CAP2 project, building on our performance track record of completing the Integration Master Plan for our existing complex smoothly and safely. This will strengthen our position as a growth partner for all other industrial sectors as well as for the national economy.” Haruo Nagamatsu, President and Chief Executive Officer of Toyo Engineering Corporation, stated, “We are very much delighted to hear Chandra Asri’s declaration of a new phase of this significant project and proud that TOYO has been selected as one of the FEED contractors for the Ethylene Cracker package. For successful completion of the CAP2 project and contribution to the growth of Indonesian petrochemical industry, we commit ourselves to deliver the best professional services backed up by the abundant experiences with Chandra Asri.” Sungan Choi, President and CEO of Samsung Engineering, stated, “Chandra Asri gives us a great opportunity to become a sustainable partner, with entrusting us with the CAP2 FEED work. Samsung Engineering will ensure, that we will put our unsurpassed efforts to secure a successful project completion, by providing our technical capabilities and services, thereby creating value for Chandra Asri and Indonesia’s economy.” Henry Ling, Vice President Thailand, Wood, said “This new contract continues our strong track record in delivering robust engineering design on large complex petrochemical projects, further strengthening our strategic relationship with Chandra Asri. Our team of experts will leverage decades of experience to deliver fit for purpose solutions. We look forward to partnering with Chandra Asri on the CAP2 project.” Lauren Peeters, Associate Director PT Haskoning Indonesia, stated, “We are honored and excited to continue our support to PT Chandra Asri Perkasa on the CAP2 project. We are fully committed to prepare a technically advanced, sustainable, and economical design of the marine facilities to ensure smooth operations of the new plant throughout its lifetime. In doing so, we would like to highlight that Royal HaskoningDHV will leverage its world class knowledge and global expertise in developing marine terminals.” Earlier in July 2021, Chandra Asri selected Thaioil as its strategic investor to partner with for the development of CAP2, after a robust and comprehensive selection process. In September 2021, Chandra Asri successfully completed its Rights Issue process which successfully raised additional equity capital of Rp15.5 trillion (US$1.1 billion). The transaction was one of the largest ever done on the IDX, and provides a solid equity base for the Company to continue with its plans to develop CAP2 with a rock-solid Balance Sheet. In October 2021, Chandra Asri announced an MOU withAramco Trading Company to secure the feedstock supply for CAP2, further to the commitment from Thaioil to also supply naphtha and LPG.  Chandra Asri’s second petrochemical complex or CAP2 is the Company’s effort to respond to the challenges and opportunities arising from the growing demand for domestic petrochemical products, while reducing dependence on imports. This new world-scale complex will be fully integrated with Chandra Asri’s existing plant in Cilegon, and consist of Naphtha Cracker, Butadiene, High Density Polyethylene (HDPE), Polypropylene (PP), Aromatics (Benzene, Toluene, and Mixed Xylenes), as well as Low Density Polyethylene (LDPE) – which will be the first LDPE plant in Indonesia. The CAP2 complex will increase the Company’s total production capacity from 4.2 million tons to more than 8 million tons per year. This is expected to be a key stimulus for the local downstream petrochemical industry, reduce the import burden, and support job creation as well as Industry 4.0 ambitions of Indonesia.