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Indonesian fertilizer maker Pupuk Kaltim ramps up $1.5bn expansion

State-owned firm eyes offshore acquisitions on record profits, but wavers on IPO

Armed with record profits, fertilizer maker Pupuk Kaltim is speeding up at least $1.5 billion in spending for projects to meet demand. (Photo courtesy of Pupuk Kaltim)

JAKARTA -- Indonesia's largest fertilizer maker, Pupuk Kaltim, is accelerating its expansion to help fill a global market gap sparked by Russia's invasion of Ukraine, with demand set to stay high for some time.

The state-owned company, flush with proceeds from two straight years of record profits, is speeding up at least $1.5 billion in spending for projects to meet rising demand resulting both from the war and lingering effects of the coronavirus pandemic.

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