The Long Son Petrochemicals Complex in the southern province of Ba Ria-Vung Tau can enter commercial operation in mid-2023 as construction has been 98% complete.
Upon operation, the project can employ 1,000 people and contribute VND2.5 trillion ($105 million) to the state budget yearly, Tharna Sanee, general director of Long Son Petrochemicals Company Limited (LSP), added at a meeting with local media last Friday.
LSP is the first integrated petrochemical complex in Vietnam and features some plastic products as output, such as 1.35 million tons of olefin and 1.4 million tons of polyethylene and polypropylene a year.
Thailand’s Siam Cement Group (SCG) is the main investor in the 464-hectare facility. The Thai conglomerate started construction of the $5.4 billion complex in the fourth quarter of 2018.
Last November, SCG inaugurated three sub-facilities of the complex, namely hydrocarbon jetties with two wharves and pipelines for transport of materials and output; tank farm for storage and transport of oil and gas; and central utilities for production of electricity, steam, water, and air for operation of the complex.
Vietnam now has two operational oil refineries - Nghi Son Refinery and Petrochemical complex in Thanh Hoa province, and Binh Son Refining and Petrochemical in Quang Ngai province, both in the central region.
State-run Petrovietnam last month proposed the government consider investment for a $19 billion oil refinery and national crude oil, petroleum reserve in Long Son Petroleum Industrial Park, also in Ba Ria-Vung Tau province.
Petrovietnam said Long Son in Ba Ria-Vung Tau bordering Ho Chi Minh City would be the best location to host the national-level project. The complex would comprise the two projects for oil refining and reserve.
In phase one, the refinery project would annually provide seven-nine million tons of petroleum products and between two and three million tons of petrochemical products. For phase two, the capacity would see an additional three-five million tons of petroleum products and 5.5-7.5 million tons of petrochemical products.