The business agreement between Plagen and the Korindo Group in Jakarta, Indonesia is focused on the supply of raw materials and investment of funds for a clean methanol production project. This project marks Plagen’s first step into the clean methanol market in Asia and aims to produce 20,000 tons of clean methanol annually using biomass waste from Indonesia’s forests.
The ceremony to mark this agreement was attended by Plagen CEO John Kyung, Vice President Won Sung-pil, BFI President Moon Jin-seok, and Director Kim Young-man. BFI, the partner company, operates locally in Balikpapan, East Kalimantan, Indonesia manufacturing various wood products and has been in operation for over 50 years with a focus on sustainable economic development, contribution to rainforest conservation, and carbon neutrality.
John Kyung stated that the initial production of 20,000 tons per year in Indonesia is just the beginning