Vietnam urged to verify Thailand-invested US$3.7 billion petrochemical complex
The government is urged to check the technology and productivity of the long-stalled project.
Vietnam’s Ministry of Planning and Investment (MPI) has proposed Prime Minister Nguyen Xuan Phuc review investors’ financial capacities at a US$3.7-billion petrochemical complex invested by Thailand SCG Group.
Long Son Petrochemical Complex (LSP) kicked off in February 2018. Photo: LSP |
The MPI raised the question in a proposal analyzing the feasibility of the project before the government approves the increase of investment to US$5.1 billion.
The government should also check the technical adjustment and capacity increase together with the capital hike, Tuoi Tre newspaper reported.
Long Son Petrochemical Complex (LSP), located in the southern province of Ba Ria-Vung Tau, 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 acquired PetroVietnam’s 29% stake to become the sole owner. The project was resumed in February 2018.
In a meeting with Vietnam’s Deputy Prime Minister Trinh Dinh Dung last month, Chairman and CEO of SCG Group Roongrote Rangsiyopash said that the investor has fulfilled 24% of the construction progress.
LSP is scheduled to be put into operation by the end of 2022.
SCG Group announced that it signed loan contracts worth US$3.2 billion with six international banks namely Sumitomo Mitsui Banking Corporation, Mizuho Bank, Bangkok Bank, Krung Thai Bank, Siam Commercial Bank, and Export–Import Bank of Thailand (EXIM Thailand, according to local media.
Other News
- Internet users in Vietnam to hit 100 million by 2029
- Prime Minister calls for active participation in innovative start-ups
- Hanoi advocates traceability for safe food
- Hanoi gears up for Tet: ensuring a steady supply of safe food
- Year-end hiring spree as Hanoi companies ramp up recruiting
- Vietnam's digital economy expected to grow big in 2024
- Incheon-Hanoi conference marks milestone in tourism development cooperation
- Hanoi's businesses place focus on digital transformation
- Semiconductor market reaches $18.2 billion: SEMIEXPO Vietnam 2024
- Hanoi DigiTech 2024 connects businesses through digital products
Trending
-
Digital Pho: One step to make Vietnamese noodle widespread
-
Vietnam news in brief - November 29
-
Hanoi’s downtown: Ultimate destination for pho lovers
-
Christmas in Vietnam: A blend of Western cheer and local charm
-
Hanoi's Pho declared national intangible heritage
-
Finding ways to unlock Hanoi's suburban tourism potential
-
Hang Ma Street gears up for festive season
-
A Hanoi artisan turns straw into appealing tourism product
-
“Look! It’s Amadeus Vu Tan Dan” workshop - an artistic journey for kids