1988 CE
PT Chandra Asri Established
PT Chandra Asri is founded as a petrochemical company in Jakarta, Indonesia, with initial capital from domestic and international investors. #company #petrochemical #Indonesia
Chronological Storyline (42 Milestones)
1990 CE
Construction of Naphtha Cracker Begins
Construction starts on Indonesia's first naphtha cracker in Cilegon, Banten, with a capacity of 600,000 tons per year. This marks the birth of the country's integrated petrochemical industry. #industry #construction #Indonesia
1993 CE
Naphtha Cracker Begins Operations
The naphtha cracker in Cilegon commences commercial operations, producing ethylene, propylene, and other basic petrochemicals. This enables downstream industries in Indonesia. #petrochemical #production #milestone
1995 CE
Polypropylene Plant Expands
Chandra Asri expands its polypropylene production capacity to 240,000 tons per year, strengthening its position in the plastics market. #expansion #plastics #Indonesia
1998 CE
Financial Restructuring After Asian Crisis
Following the 1997 Asian Financial Crisis, Chandra Asri undergoes a major debt restructuring to stabilize operations and regain investor confidence. #finance #restructuring #crisis
2002 CE
Barito Pacific Acquires Majority Stake
Barito Pacific, controlled by Indonesian tycoon Prajogo Pangestu, acquires a controlling interest in Chandra Asri, paving the way for future growth. #acquisition #ownership #Indonesia
2005 CE
Leadership Transition: Erry Hardjapamekas Appointed CEO
Erry W. Hardjapamekas becomes President Director, leading the company through a period of expansion and operational improvement. #leadership #CEO #management
2006 CE
New Polyethylene Plant Announced
Chandra Asri announces a $350 million investment for a new linear low-density polyethylene (LLDPE) plant to meet growing domestic demand. #investment #polyethylene #expansion
Jul 1, 2008 CE
Initial Public Offering on IDX
Chandra Asri lists on the Indonesia Stock Exchange (IDX) under ticker TPIA, raising approximately $200 million. The IPO marks a key milestone in the company's corporate history. #IPO #stockmarket #Indonesia
2009 CE
Second Naphtha Cracker Feasibility Study
The company initiates a feasibility study for a second naphtha cracker to double ethylene capacity, signaling long-term growth ambitions. #expansion #feasibility #petrochemical
Jun 1, 2011 CE
Acquisition of Tripolyta Indonesia
Chandra Asri acquires a 60% stake in PT Tripolyta Indonesia, a polypropylene producer, in a deal worth $150 million. This consolidates the polypropylene market. #acquisition #merger #polypropylene
2012 CE
Full Integration of Tripolyta Operations
Chandra Asri completes the integration of Tripolyta, becoming the sole polypropylene producer in Indonesia with a combined capacity of 480,000 tons per year. #integration #polypropylene #marketleader
2013 CE
Revenue Surpasses $1.5 Billion
Annual revenue exceeds $1.5 billion for the first time, driven by strong domestic demand and higher petrochemical prices. #finance #revenue #growth
2014 CE
Second Naphtha Cracker and Complex Expansion Approved
The board approves a $1 billion investment for a second naphtha cracker and downstream units, the largest ever in Indonesian petrochemicals. #investment #expansion #record
2015 CE
Groundbreaking for CAP2 Project
Construction begins on the CAP2 project, a world-scale petrochemical complex in Cilegon, including a new naphtha cracker and derivative units. #construction #CAP2 #petrochemical
2016 CE
Partnership with SCG Chemicals
Chandra Asri signs a joint venture agreement with SCG Chemicals of Thailand to build a new petrochemical complex, combining expertise and resources. #partnership #jointventure #SCG
2017 CE
CAP2 Project Reaches 50% Completion
The CAP2 expansion project reaches halfway mark, with major equipment installation and infrastructure development. #construction #milestone #CAP2
Jul 1, 2018 CE
30th Anniversary Celebration
Chandra Asri marks 30 years of operations, highlighting contributions to Indonesia's industrialization and economic growth. #anniversary #milestone #history
2019 CE
Second Naphtha Cracker (CAP2) Starts Operations
The CAP2 naphtha cracker begins commercial operations, doubling ethylene capacity to 1.6 million tons per year, making Chandra Asri a major regional player. #production #expansion #petrochemical
Dec 1, 2020 CE
Butadiene Extraction Unit Commissioned
A new butadiene extraction unit with 100,000 tons per year capacity starts up, diversifying product portfolio and capturing higher value. #petrochemical #butadiene #diversification
2020 CE
Record Net Profit of $176 Million
Despite the COVID-19 pandemic, Chandra Asri posts a record net profit of $176 million, benefiting from lower feedstock costs and stable demand. #finance #record #profit
2021 CE
Carbon Neutrality Commitment
Chandra Asri announces a target to achieve carbon neutrality by 2050, investing in energy efficiency and renewable energy. #sustainability #carbonneutral #environment
2021 CE
Acquisition of Calcium Carbonate Business
Chandra Asri acquires a calcium carbonate production facility to expand into specialty chemicals and building materials. #acquisition #specialtychemicals #expansion
Mar 1, 2022 CE
New CEO: David L. Tendian
David L. Tendian is appointed President Director, succeeding Erry Hardjapamekas, with a focus on digital transformation and operational excellence. #leadership #CEO #transition
Jul 1, 2022 CE
Chandra Asri Listed on IDX ESG Leaders Index
The company is included in the IDX ESG Leaders Index, recognizing its commitment to environmental, social, and governance standards. #ESG #stockmarket #sustainability
2022 CE
Revenue Reaches $3.5 Billion
Annual revenue hits a record $3.5 billion, driven by high petrochemical prices and strong demand from downstream industries. #finance #revenue #record
May 1, 2023 CE
Corporate Name Change to Chandra Asri Pacific
PT Chandra Asri Petrochemical Tbk officially changes its name to PT Chandra Asri Pacific Tbk, reflecting its expanded portfolio and regional ambitions. #rebranding #expansion #corporate
Nov 1, 2023 CE
Acquisition of Styrindo Mono Indonesia
Chandra Asri acquires PT Styrindo Mono Indonesia, a styrene monomer and polystyrene producer, for $180 million, strengthening its position in specialty chemicals. #acquisition #styrene #chemicals
Mar 1, 2024 CE
Greenfield Polyethylene Plant in South Sumatra
Chandra Asri announces plans to build a $2.5 billion greenfield polyethylene plant in South Sumatra, targeting completion by 2028. #investment #polyethylene #expansion
Jul 1, 2024 CE
IDX Market Capitalization Surpasses $5 Billion
Chandra Asri Pacific's market cap on the Indonesia Stock Exchange exceeds $5 billion for the first time, making it one of the largest listed companies by value. #finance #stockmarket #valuation
Oct 1, 2024 CE
Launch of Polypropylene Recycling Unit
Chandra Asri starts a polypropylene chemical recycling unit with capacity of 30,000 tons per year, advancing circular economy initiatives. #recycling #circularity #sustainability
Feb 1, 2025 CE
Strategic Partnership with Chevron Phillips Chemical
Chandra Asri forms a joint venture with Chevron Phillips Chemical to build a world-scale ethane cracker in Indonesia, leveraging US shale gas. #partnership #jointventure #chemicals
2025 CE
First Sustainability-Linked Bond Issuance
Chandra Asri issues its first sustainability-linked bond worth $300 million, with interest rates tied to carbon emission reduction targets. #finance #sustainability #bond
2026 CE
Divestiture of Non-Core Assets
Chandra Asri sells its calcium carbonate subsidiary to focus on core petrochemical and specialty chemical businesses. #divestiture #restructuring #focus
2026 CE
Operational Excellence Award from APIC
Chandra Asri receives the Operational Excellence Award from the Asian Petrochemical Industry Conference for its safety and efficiency improvements. #award #operationalexcellence #petrochemical
2027 CE
CAP3 Project Announcement
Chandra Asri announces the CAP3 project, a $3 billion integrated petrochemical complex in East Kalimantan, targeting completion by 2032. #investment #expansion #CAP3
2028 CE
Ethane Cracker Joint Venture Finalized
The joint venture with Chevron Phillips Chemical receives final approval and begins construction of the ethane cracker in Indonesia. #construction #ethanecracker #jointventure
2029 CE
Chandra Asri Named Among Fortune 500 Southeast Asia
Chandra Asri Pacific is listed in the inaugural Fortune 500 Southeast Asia ranking, highlighting its regional economic impact. #recognition #fortune500 #regional
2030 CE
Carbon Neutrality Milestone: 30% Reduction Achieved
Chandra Asri achieves a 30% reduction in carbon emissions compared to 2020 levels, halfway to its 2050 net-zero goal. #sustainability #carbonreduction #climateaction
2032 CE
CAP3 Complex Starts Commercial Operations
The CAP3 petrochemical complex in East Kalimantan begins production, further cementing Chandra Asri as a leading petrochemical player in Asia. #production #expansion #CAP3
2035 CE
Company Reaches $10 Billion Revenue
Chandra Asri Pacific's annual revenue crosses $10 billion for the first time, driven by diversified operations and regional market dominance. #finance #revenue #milestone
2038 CE
50th Anniversary and Legacy Establishment
Chandra Asri Pacific celebrates 50 years of operations, reflecting on its role in Indonesia's industrial development and future ambitions. #anniversary #legacy #history