SCG aims to fire up $5.4 bln Long Son Petrochemicals Complex in August
The $5.4 billion Long Son Petrochemicals Complex (LSP) in Vietnam’s southern province of Ba Ria-Vung Tau is set to restart activities in July-August for a final test run before commencing commercial operations in August.
Thailand’s The Siam Cement Group (SCG), the parent company of project investor SCG Chemicals Public Company Limited (SCGC), revealed the information in its first quarter performance review.
Long Son Petrochemicals Complex in Ba Ria-Vung Tau province, southern Vietnam. Photo courtesy of Tuoi Tre (Youth) newspaper.
SCG also noted that the project safely and successfully completed its first test run in January-February, before it was shut down in March-June due to technical issues.
In March, SCG said that Long Son Petrochemicals Complex’s downstream plants for high-density polyethylene (HDPE), linear low-density polyethylene (LLDPE), polypropylene (PP) and utilities had already passed inspections in December 2023.
However, a test run for the whole facility, which includes the olefins downstream and upstream plants, uncovered "an expected technical difficulty which is currently under investigation", SCG added.
SCGC started land preparation for the Long Son Petrochemicals Complex in 2018, started up all utilities in 2022, and conducted a full complex test run in December 2023. At full capacity, its annual output will include 1.4 million tons of polyethylene and polypropylene. The complex’s feedstocks include propane and naphtha.
SCG's performance in Q1/2024. Data in millions of THB. Photo courtesy of SCG.
Reviewing sales in Q1/2024, SCG said it recorded global revenue of $3.4 billion, down 3% year-on-year.
Regarding markets, Thailand, its home market, accounted for 56% of the total. Outside Thailand, ASEAN held the second-highest portion with THB32.4 billion ($882.8 million), or 26% of the total. Within ASEAN, Vietnam had the biggest slice of the pie with THB12 billion, SCG added.
- Related News
- Read More
Tourism growth boosts aviation retail potential in Vietnam: exec
Vietnam’s aviation retail trade potential has risen alongside growth in the number of tourists visiting the country, says Johnathan Hanh Nguyen, chairman of the Inter-Pacific Group (IPPG).
Companies - Wed, November 6, 2024 | 4:45 pm GMT+7
VN-Index up 15 points on hopes for Trump victory
Vietnam’s benchmark gained 15.52 points, or 1.25%, to 1,261.28 on Wednesday, supported by investor expectations of Trump re-election as the 47th President of the US, the world’s largest economy.
Finance - Wed, November 6, 2024 | 4:10 pm GMT+7
Vietnam embraces new wave of investments: HSBC exec
Embracing new investment flows is in the interest of Vietnam and will support the country’s advancement higher up in the value-added ladder across industries and sectors, writes Joon Suk Park, head of international subsidiary banking, wholesale banking, HSBC Vietnam.
Opinion - Wed, November 6, 2024 | 3:44 pm GMT+7
Vietnam posts $23.3 bln trade surplus in Jan-Oct, FDI sector $42.9 bln
Vietnam posted a trade surplus $23.31 billion in the first 10 months of this year, with the foreign direct investment (FDI) sector making a trade surplus of $42.92 billion.
Economy - Wed, November 6, 2024 | 3:25 pm GMT+7
Vietnam listed banks’ bad debt up $2.3 billion in 9 months
The bad debt of listed banks in Vietnam continued to grow during the first nine months of 2024, with some seeing it increase as much as 70% from the end of 2023.
Banking - Wed, November 6, 2024 | 3:14 pm GMT+7
AI tool to help Vietnam curb tax evasion by e-commerce platforms: Deputy PM
An artificial intelligence (AI)-based tool will be used to check revenues and trades on e-commerce platforms operating in Vietnam as part of a broader attempt to prevent tax losses, says Deputy Prime Minister Ho Duc Phoc.
Economy - Wed, November 6, 2024 | 2:12 pm GMT+7
Cambodia announces new initiative to encourage use of local currency
The National Bank of Cambodia (NBC) and the country's Ministry of Commerce have recently announced a major step to promote the use of the local currency by encouraging businesses to register new bank accounts in riel.
Southeast Asia - Wed, November 6, 2024 | 2:02 pm GMT+7
Thailand, Turkey agree to resume FTA negotiations
Thai Deputy Commerce Minister Suchart Chomklin and his Turkish counterpart Mustafa Tuzcu have agreed to resume negotiations on a free trade agreement (FTA) between the two countries.
Southeast Asia - Wed, November 6, 2024 | 2:00 pm GMT+7
Singapore Airlines aims to attract high-spending passengers to longest flights
Singapore Airlines is planning to add a four-seat first class to the Airbus aircraft it uses for its longest routes, a bet to attract high-spending travelers to flights that can top 17 hours.
Southeast Asia - Wed, November 6, 2024 | 1:58 pm GMT+7
Indonesia eyes $120 bln investment for economic development
Indonesia aims to secure an investment of $120 billion by 2025 to promote its national economy, Minister of Investment Rosan Roeslani said on Monday.
Southeast Asia - Wed, November 6, 2024 | 1:56 pm GMT+7
Vietnam’s Jan-Oct industrial production grows 8.3%
Vietnam’s January-October index of industrial production (IIP) grew 8.3% year-on-year, extending the recovery of the sector, backed by a 4% increase from September to October, the General Statistics Office (GSO) said.
Economy - Wed, November 6, 2024 | 1:36 pm GMT+7
AES earns $27 mln pre-tax income from Vietnam coal-fired power plant in Jan-Sept
U.S.-based AES Corporation earned a pre-tax income of $27 million from the Mong Duong II coal-fired power plant in Vietnam’s northern province of Quang Ninh in the first nine months of this year.
Companies - Wed, November 6, 2024 | 12:06 pm GMT+7
Vietnamese businesses able to leverage e-commerce, overcome market challenges: experts
Amidst the rapid expansion of low-cost Chinese e-commerce platforms like Temu, 1688 and Taobao, several Vietnamese businesses have managed to hold their own, showing how e-commerce can be leveraged to achieve success, experts say.
Finance - Wed, November 6, 2024 | 11:09 am GMT+7
Vietnam’s Eximbank seeks to move headquarters to Hanoi after ownership changes
Eximbank, among the leading mid-sized banks in Vietnam, has announced a plan to move its head office from Ho Chi Minh City, the largest economic hub in the south, to Hanoi after recent changes in shareholders.
Banking - Wed, November 6, 2024 | 10:41 am GMT+7
Coffee trading floor should be set up in Vietnam Central Highlands for risk management: experts
A coffee trading floor should be set up soon to set price benchmarks and manage market risks, experts said Sunday at a workshop.
Economy - Wed, November 6, 2024 | 8:18 am GMT+7
State utility EVN proposes trial of two-tier electricity pricing model
State utility Vietnam Electricity (EVN) has proposed piloting a two-tier electricity pricing mechanism for some customer groups before it is expanded nationwide starting January 1, 2025.
Economy - Tue, November 5, 2024 | 8:16 pm GMT+7
