Vietnam asks Thai SCG to speed up US$5 billion petrochemical project
Long Son Petrochemical Complex plays a significant role in supporting other sectors.
Vietnam’s Deputy Prime Minister Trinh Dinh Dung last week asked Thailand’s SCG Group to accelerate the construction of a petrochemical complex project which cost an investment of US$5.2 billion.
Long Son Petrochemical Complex (LSP) is expected to serve the operations of many sectors, so the early completion and operation will make a great contribution to the development of relevant industries in Vietnam, Dung told Roongrote Rangsiyopash, Chairman and CEO of SCG Group – the investor of the project.
Roongrote Rangsiyopash said the investor has fulfiled 24% of the construction progress, 2% later than the given plan.
Initial investment for this project is about US$3.7 billion and SCG is finalizing procedures to raise the investment to US$5.2 billion soon, the CEO said.
LSP is scheduled to be put into operation by the end of 2022.
Located in the southern province of Ba Ria-Vung Tau, the complex is positioned as Vietnam’s first integrated petrochemical complex to produce a total annual capacity of 2 million tons of olefins (high-density synthetic fibers), polyetylen, and ploypropylen.
Kicked off in 2008 by a joint venture between SCG, Vietnam National Oil and Gas Group (PetroVietnam), and Qatar Petroleum, the project came into a stall due to global recession. In 2015, the Qatari partner withdrew and SCG bought its stake in 2017.
In 2018, SCG also bought PetroVietnam’s 29% stake to become the sole owner. The project was resumed in February 2018.
The complex is designed to produce various petrochemical products, including essential plastic materials such as polyethylene, polypropylene, and other products in excess of 2 million tons per year, enabling it to substitute the import of polyolefin products, according to the Vietnam Investment Review.
Vietnam's Deputy Prime Minister Trinh Dinh Dung and Roongrote Rangsiyopash, Chairman and CEO of SCG Group. Photo: VGP
|
Long Son Petrochemical Complex (LSP) is expected to serve the operations of many sectors, so the early completion and operation will make a great contribution to the development of relevant industries in Vietnam, Dung told Roongrote Rangsiyopash, Chairman and CEO of SCG Group – the investor of the project.
Roongrote Rangsiyopash said the investor has fulfiled 24% of the construction progress, 2% later than the given plan.
Initial investment for this project is about US$3.7 billion and SCG is finalizing procedures to raise the investment to US$5.2 billion soon, the CEO said.
LSP is scheduled to be put into operation by the end of 2022.
Located in the southern province of Ba Ria-Vung Tau, the complex is positioned as Vietnam’s first integrated petrochemical complex to produce a total annual capacity of 2 million tons of olefins (high-density synthetic fibers), polyetylen, and ploypropylen.
Kicked off in 2008 by a joint venture between SCG, Vietnam National Oil and Gas Group (PetroVietnam), and Qatar Petroleum, the project came into a stall due to global recession. In 2015, the Qatari partner withdrew and SCG bought its stake in 2017.
In 2018, SCG also bought PetroVietnam’s 29% stake to become the sole owner. The project was resumed in February 2018.
The complex is designed to produce various petrochemical products, including essential plastic materials such as polyethylene, polypropylene, and other products in excess of 2 million tons per year, enabling it to substitute the import of polyolefin products, according to the Vietnam Investment Review.
21:35, 2024/12/21
Regulatory efforts underway to strengthen e-commerce in Vietnam
By 2025, Vietnam's e-commerce is expected to reach 10% of retail sales and contribute to the digital economy which is estimated to account for 20% of GDP.
16:51, 2024/12/14
Hanoi honors key industrial products in 2024
This recognition is a testament to the city government's ongoing support of local businesses.
18:09, 2024/12/12
EVs take the spotlight on Vietnam's urban streets
On the streets of Hanoi, a quiet but powerful shift in transportation is underway.
13:43, 2024/12/12
Hanoi names 83 institutions Green Energy User 2024
More than 80 facilities and projects have been recognized for their innovative use of green energy in manufacturing.
12:07, 2024/12/09
Bat Trang artisans innovate to meet global market demands
To boost competitiveness, Bat Trang pottery businesses leverage information technology for product promotion.
17:56, 2024/12/07
Vietnam youth gears up for a greener future
The event sought to equip Vietnamese youth with the skills and opportunities to work together and take an active role in advancing the green economy and supporting a sustainable transition.
- Hanoi to create over 213,000 jobs in Jan-Nov
- Update on worker conditions in South Korea from Vietnamese labor authorities
- Vietnam partners with NVIDIA to establish AI research center
- Hanoi grasps opportunities to drive semiconductor industry growth
- Internet users in Vietnam to hit 100 million by 2029
- Prime Minister calls for active participation in innovative start-ups