US$5.4-billion Long Son Petrochemical project commenced after prolonged ten years since being licensed
By Quynh Chi
February 27, 2018 | 01:30 PM GMT+7
After a decade of being licensed, Long Son Petrochemicals (LSP) was officially launched, expected to be completed and put into operation in 2022.
Prime Minister Nguyen Xuan Phuc and other officials at the ceremony (Photo: Nhat Bac/VGP)
The groundbreaking ceremony of the LSP project was held on Feb 24th in Long Son commune, Vung Tau city, Ba Ria – Vung Tau province.
This project is located in Long Son Petroleum Industrial Park (Ba Ria – Vung Tau). It is invested by Long Son Oil Refinery Co., Ltd, which is a joint venture between the Siam Cement Group of Thailand and PetroVietnam. Its area is about 464 hectares and 194 hectares of water surface for ports, with the total investment capital of about US$5.4 billion.
It is also the first fully integrated petrochemical complex in Vietnam with the capacity of 1.6 million tons per annum for olefins and more than 2 million tons per annum for other materials such as polyethene and polypropylene. It also aims at replacing the currently exported polyolefins.
The project is expected to create jobs for about 20,000 workers in the construction process; annually contribute about US$60 million to the national budget; employ more than 1,000 highly skilled workers.
Roongrote Rangsiyopash, Chairman of SCG Group, said that the LSP is a key project in the Group’s strategy to expand to the ASEAN region, in which Vietnam is a strategic country.
The initial investors of this project are SCG and two Vietnamese state-owned companies, PetroVietnam and Vietnam Chemicals Group (Vinachem). SCG was the largest investor.
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