Chemical and advanced materials company Celanese Corporation has signed an MOU with Pertamina, the state-owned energy company of the Republic of Indonesia, to develop fuel ethanol projects in Indonesia.

The MOU chalks out the parties' plans to establish a JV where Celanese will hold a majority stake and license its leading TCX ethanol process technology under a separate technology licensing agreement. Pertamina will collaborate with Celanese to develop synthetic fuel ethanol projects using the latter's proprietary TCX ethanol process technology.

Celanese and Pertamina expect the detailed project planning phase of the MOU to complete by the end of 2013. The projected fuel grade ethanol production is expected to start approximately 30 months after receiving all necessary government approvals and the final investment decisions by the companies.

_{Source: Nasdaq}