Jakarta, Nov. 6 -- Indonesia inaugurated a $3.98 billion petrochemical plant in Cilegon, Banten, on Thursday, a milestone project that Energy and Mineral Resources Minister Bahlil Lahadalia said would cut the nation's dependence on imported petrochemicals and boost industrial competitiveness.

"With this factory, we will no longer need to import large volumes of petrochemical products," Lahadalia said during the inauguration ceremony, attended virtually from Jakarta.

Built with South Korean investment from Lotte Corporation, the plant is part of an integrated petrochemical complex designated as a national strategic project. It has the capacity to process three million tons of naphtha annually into a variety of petrochemical products.

Th...