Business

Land handed over for Long Son petrochemical complex

The People's Committee of southern Ba Ria-Vung Tau province has handed over 400ha of land to the Long Son petrochemical complex project, which has an investment of 4.5 billion USD.
The People's Committee of southern Ba Ria-Vung Tau province has handedover 400ha of land to the Long Son petrochemical complex project, whichhas an investment of 4.5 billion USD.

Kan Trakulhoon, President ofThailand's Siam Cement Group (SCG), the main investor in the project,said final negotiations were being completed over equipment supplypackages, with work on the project expected to start early next year.

Work on the complex based in Long Son Oil and Gas Industrial Zone wasinitially set to start in 2009, with production scheduled to begin inlate 2012. However, the complex has fallen behind schedule due to issuesrelated to site clearance.

The complex aims to help meet thegrowing demands of local industries for high-quality plastic resins,valued at up to 2 billion USD annually.

It will consist of afactory capable of turning out 1.65 million tonnes of olefins, 1.45million tonnes of polyolefins, 280,000 tonnes of chlor-alkali and othermaterials each year. There will also be support facilities including aport, warehouse and power plant.

Currently, SCG holds more than a28 percent stake in the complex while the remaining interest belongs toQatar Petroleum, Vietnam National Oil and Gas Group (PetroVietnam) andVietnam National Chemical Group (Vinachem).

Kan said that the complex was a major project SCG has pursued during the past six years.-VNA
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