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PVN and SCG sign cooperation agreements
PetroVietnam (PVN) and Siam Cement (SCG) signed a cooperation agreement on accelerating the progress of the South Vietnam Petrochemical Complex Project.
Prime Minister Nguyen Xuan Phuc and Thai Prime Minister Prayut Chan-o-cha witnessed PVN and SCG leaders to sign the Memorandum of Understanding
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During the visit to Thailand, in the presence of Prime Minister Nguyen Xuan Phuc and Prime Minister Prayut Chan-o-cha, PVN and SCG have signed a cooperation agreement on accelerating the progress of the South Vietnam Petrochemical Complex Project.
PVN General Director Nguyen Vu Truong Son and President and CEO of SCG Roongrote Rangsiyopash awarded the signed document
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According to the agreement, PVN and SCG will accelerate the progress of the Southern Petrochemical Complex Project and the development of Long Son Petrochemical Ltd.Co (LSP) - Project Owner. Specifically, the two parties agree to provide maximum support for the LSP to start implementing the EPC Contract as early as possible in the fourth quarter of 2017. Both parties agree that LSP will prioritize the member units / subsidiaries of PVN to participate in providing necessary services and goods for the Southern Petrochemical Complex Project, provided that it does not violate the law. To ensure the competitive nature of the market and benefit of LSP.
Overview of the meeting between PVN and SCG
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The project to build the Southern Petrochemical Complex in Long Son (Ba Ria - Vung Tau) is a key oil and gas state project invested by Long Son Petroleum Ltd.Co (LSP). This is the first independent petrochemical complex in Vietnam with a production capacity of 1.6 million tons olefins per year, total investment estimated at 5.4 billion USD. As of June 21, 2017, the capital contribution of the parties to the LSP is as follows: Vietnam Oil and Gas Group (29%), VSCG Chemical Company of SCG Group (53%), Plastics and Chemicals TPC (Thailand - 18%).
The project of building the South Vietnam Oil and Gas Group will apply advanced and modern technology and techniques, operating safely and meeting the requirements of environmental protection, ensuring the petrochemical products, high quality of PP and PE plastic. It is expected that the project will be completed and put into operation in 2022.
