Quang Ninh authorities granted a polypropylene (PP) production technology transfer certificate to Vietnam's Stavian Quang Yen Petrochemical JSC on Friday to implement its $1.5 billion petrochemical project in the locality.
The certificate was granted to the company at Techconnect & Innovation Vietnam 2023.
The Stavian Quang Yen petrochemical project, a partnership between Hanoi-headquartered Stavian and Quang Ninh-based Yen Hung Liquid Port JSC (YHLP), will be built on 30 hectares at the Bac Tien Phong Industrial Park, Quang Ninh's Quang Yen town. YHLP will supply the facility with materials and other inputs.
The project is expected to supply 600,000 tons of polypropylene (PP), a type of polymer, every year. It is slated to start operations by the fourth quarter of 2026.
The investors said they had selected the most advanced technologies in polypropylene production (PP) to date, including PDH technology from American company Honeywell UOP and PP technology from Italy-based LyondellBasell, one of the world's largest plastics, chemicals, and refining companies.
The petrochemical facility would also use high-quality equipment from Europe and the G-7 countries to ensure environmentally friendly production and minimize greenhouse gas emissions.
In May, Maire Group of Italy was selected as a technical design consultant for the project. The front end engineering design (FEED) contract for the project will be conducted within 10 months by Tecnimont S.p.A, an Integrated E&C Solutions company under Maire Group.
According to Dinh Duc Thang, chairman and CEO of Stavian Quang Yen Petrochemical JSC, the Stavian Quang Yen petrochemical project is expected to attract more projects in downstream production, increase autonomy in raw material sources, and create a new wave of investment for sustainable, long-term socio-economic development for Quang Ninh province and neighboring localities.
It will contribute trillions of VND (VND1 trillion = $41.15 million) each year to the state budget and generate direct and indirect jobs for thousands of highly qualified technical workers, he added.