PT Chandra Asri Pacific Declares Force Majeure Amid Iran Conflict

PT Chandra Asri Pacific, a leading petrochemical company in Indonesia, has declared force majeure due to disruptions in raw material transportation through the Strait of Hormuz following the outbreak of war in Iran. According to Jin10, the Jakarta-based company informed its clients that the duration of the force majeure remains uncertain. In a statement released on Tuesday, the company emphasized its close monitoring of the U.S.-Iran situation and outlined precautionary measures to ensure operational resilience across its business units. As part of these measures, the company plans to adjust its plant operating rates. Chandra Asri operates Indonesia's largest integrated petrochemical complex, producing olefins and polyolefins. Through a joint venture in Singapore, it also owns and manages refining and downstream chemical assets. These assets include a refinery with a daily capacity of 237,000 barrels and a naphtha cracker with an annual capacity of 900,000 metric tons. On Tuesday, the company's stock fell by 2.5%, reaching its lowest level in nearly a year.