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.
Other News
- IT training urged to focus on semiconductors
- Hanoi Great Souvenir Fair 2024 to take place next week
- As orders rise, Vietnamese textile firms see better prospects in 2024
- C.bank to auction nearly 17,000 gold taels on April 22
- Trade ministry proposes purchasing renewable electricity mechanisms without EVN’s involvement
- Australia and Vietnam develop competitive electricity markets
- Vietnam, Thailand advance realization of “Three Connections” strategy
- Vietnamese Gov’t to expand list of electricity buyers under direct power agreement scheme
- Viettel opens largest data center in Vietnam to support AI development
- Vietnam’s economy expected to grow at solid pace in 2024-2025: ADB
Trending
-
Capital Law revision helps Hanoi promote role as nation’s socio-economic hub
-
Vietnam news in brief - April 25
-
Vietnamese contemporary ballet celebrates Europe Day
-
IT training urged to focus on semiconductors
-
Voluntary social security should cover larger part of informal sector: Experts
-
ASEAN Future Forum 2024: Promoting regional centrality
-
Central bank moves gold auction to tomorrow
-
[Video]Hanoi beauty spots featured in saxophone legend Kenny G's music video
-
Colorful stage shows in Hoan Kiem Lake pedestrian area