$5.4 bln Long Son Petrochemicals Complex eyes full capacity operations this month

By Tri Duc
Wed, February 7, 2024 | 3:58 pm GMT+7

The $5.4 billion Long Son Petrochemicals Complex (LSP) in the southern province of Ba Ria-Vung Tau targets full capacity operations later this month, CEO Kulachet Dharachandra said Monday.

He affirmed the schedule while receiving Pham Viet Thanh, chief of Ba Ria-Vung Tau province Party Committee, at the complex premises ahead of the Tet (Lunar New Year) holiday.

LSP, invested in by Thailand’s SCG Chemicals, seeks to play a key role in elevating Vietnam’s petrochemicals and plastics sectors, he said.

Pham Viet Thanh (right), Secretary of Ba Ria-Vung Tau Party Committee, is received by Long Son Petrochemicals Complex CEO Kulachet Dharachandra (fourth left) at the facility, February 5, 2024. Photo courtesy of Ba Ria-Vung Tau newspaper.

Pham Viet Thanh (right), Secretary of Ba Ria-Vung Tau Party Committee, is received by Long Son Petrochemicals Complex CEO Kulachet Dharachandra (fourth left) at the facility, February 5, 2024. Photo courtesy of Ba Ria-Vung Tau newspaper.

Earlier this month, the olefins factory (A1 package) of the facility was given the nod by Deputy Minister of Construction Bui Xuan Dung after successful completion of inspections ahead of official operation.

Construction of the factory began in November 2019 and was completed in December 2023. The 27.8-hectare factory has an annual capacity of 950,000 tons of ethylene, 400,000 tons of propylene and 107,000 tons of 1,3 butadiene.

Other key components of the 464-hectare LSP complex are a polyolefin factory, central utility factory and a port-tank unit.

Thailand's The Siam Cement Group (SCG) began construction of the complex in the fourth quarter of 2018. In November 2022, the project began partial operations. At full capacity, its annual output will include 1.4 million tons of polyethylene (PE) and polypropylene (PP).

In December 2023, the complex started a full trial run, aiming at commercial operations in March 2024.

Comments (0)
  • Read More
Investment policy adjusted for $59 mln wind power project in central Vietnam

Investment policy adjusted for $59 mln wind power project in central Vietnam

Quang Tri province authorities recently approved an adjustment to the investment policy for Hai Anh wind power plant project, with Hai Anh-Quang Tri Wind Power JSC as its investor.

Energy - Sun, December 15, 2024 | 10:06 pm GMT+7

Latvian man on trial for running loan shark ring with 1,380% interest rate

Latvian man on trial for running loan shark ring with 1,380% interest rate

The Ho Chi Minh City People’s Court is holding the first-instance trial of Aigars Plivės, a 39-year-old Latvian national, for engaging in illegal lending through online platforms with interest rates as high as 1,380% per year, earning VND4.15 trillion ($163.35 million) in illicit profits.

Society - Sun, December 15, 2024 | 8:11 pm GMT+7

Vietnam interest rates under rising pressure to go north in 2024: central bank

Vietnam interest rates under rising pressure to go north in 2024: central bank

Vietnam’s banking sector will face significant challenges in the near future, including mounting pressure for higher interest rates, amidst global economic uncertainty and domestic economic risks, says Deputy Governor of the State Bank of Vietnam (SBV) Dao Minh Tu.

Banking - Sun, December 15, 2024 | 2:17 pm GMT+7

Daughter of Vietnam jewelry major PNJ head to spend $15 mln on company’s shares

Daughter of Vietnam jewelry major PNJ head to spend $15 mln on company’s shares

Tran Phuong Ngoc Thao, vice chairwoman of Phu Nhuan Jewelry JSC (PNJ), has registered to purchase 4 million PNJ shares between December 18 and January 16, 2025.

Finance - Sun, December 15, 2024 | 10:20 am GMT+7

Exchange rate to cool down, deposit interest rates to inch up by year-end: broker

Exchange rate to cool down, deposit interest rates to inch up by year-end: broker

While the VND/USD exchange rate may cool off toward the VND25,000 mark, interest rates on savings could see modest increases over the rest of the year, broker MB Securities (MBS) said in its latest macroeconomic report.

Banking - Sun, December 15, 2024 | 10:03 am GMT+7

US policy changes likely to impact Asia and Pacific growth

US policy changes likely to impact Asia and Pacific growth

Asia and the Pacific’s economic growth will remain steady this year and next, but expected U.S. policy changes under the incoming administration of President-elect Donald Trump are likely to affect the region’s longer-term outlook, write Asian Development Bank (ADB) analysts in the latest edition of Asian Development Outlook (ADO).

Consulting - Sun, December 15, 2024 | 8:00 am GMT+7

Vietnamese hospitality firm Vinpearl seeks to mobilize $197 mln before stock relisting

Vietnamese hospitality firm Vinpearl seeks to mobilize $197 mln before stock relisting

Vinpearl JSC, the hospitality arm of Vietnam's leading private conglomerate Vingroup, will offer more than 70 million shares to the public at VND71,350 apiece, for proceeds of over VND5,000 billion (nearly $197 million).

Finance - Sat, December 14, 2024 | 10:12 pm GMT+7

Vietnam has 174 FDI projects in semiconductor sector: minister

Vietnam has 174 FDI projects in semiconductor sector: minister

Vietnam is now hosting 174 foreign-invested projects in the semiconductor sector, with a total registered capital of nearly $11.6 billion, according to Minister of Planning and Investment Nguyen Chi Dung.

Industries - Sat, December 14, 2024 | 4:47 pm GMT+7

‘Euro’ leads Vietnam’s most trending Google search in 2024

‘Euro’ leads Vietnam’s most trending Google search in 2024

Google has released its “Year in Search” list for 2024, with "Euro" emerging as the most trending search term among Vietnamese internet users.

Society - Sat, December 14, 2024 | 3:35 pm GMT+7

Vietnam Airlines posts first profit in 4 years, record revenue since listing

Vietnam Airlines posts first profit in 4 years, record revenue since listing

National flag carrier Vietnam Airlines JSC is estimated to earn VND6.26 trillion ($246.57 million) in pre-tax profit in 2024, marking its first return to profitability since 2020.

Companies - Sat, December 14, 2024 | 2:56 pm GMT+7

Fraud in coconut growing area codes must be strictly addressed: Vina T&T Group exec

Fraud in coconut growing area codes must be strictly addressed: Vina T&T Group exec

The buying and selling of growing area codes in the coconut sector are severely damaging Vietnam's reputation and competitiveness, says Nguyen Phong Phu, deputy technical director of Vina T&T Group.

Companies - Sat, December 14, 2024 | 12:11 pm GMT+7

KKR's investment portfolio features 4 firms in Vietnam

KKR's investment portfolio features 4 firms in Vietnam

American global investment firm KKR currently has investments in four Vietnam-based companies, namely EQuest Education Group, KiotViet, Saigon Medical Group, and Vinhomes.

Investing - Sat, December 14, 2024 | 7:56 am GMT+7

Vietnam Aeon's second most important market: exec

Vietnam Aeon's second most important market: exec

Vietnam is retail giant Aeon's second most important market, after Japan, says Kazaoka Takao, chief merchandising officer at Aeon Vietnam.

Companies - Fri, December 13, 2024 | 11:18 pm GMT+7

Thai gov't collaborates with Google to combat cyber threats

Thai gov't collaborates with Google to combat cyber threats

The Thai government has intensified efforts to combat severe cyber threats, particularly malicious applications that siphon funds from users' accounts.

Southeast Asia - Fri, December 13, 2024 | 10:25 pm GMT+7

S&P affirms Thailand's BBB+ credit rating with stable outlook

S&P affirms Thailand's BBB+ credit rating with stable outlook

S&P Global Ratings has reaffirmed Thailand’s sovereign credit rating at BBB+ with a stable outlook.

Southeast Asia - Fri, December 13, 2024 | 10:20 pm GMT+7

USD price likely to hit VND25,450 by Q2/2025: StanChart

USD price likely to hit VND25,450 by Q2/2025: StanChart

Standard Chartered forecasts Fed rate cuts, which should lead to a softer-USD bias over the next few quarters, will result in the exchange rate of USD/VND at 25,250 by the end of 2024 and 25,450 by Q2/2025.

Economy - Fri, December 13, 2024 | 10:03 pm GMT+7