Thai consortium proposes petrochemical complex in central Vietnam

By Phan Long
Thu, September 1, 2022 | 2:07 pm GMT+7

Major rice producer Asia Golden Rice (AGR) and two other firms from Thailand have proposed building a petrochemical compound with power plants and support industry factories in Thua Thien-Hue province.

Representatives of the consortium of AGR, Sermsang Power Corporation and ETS Holding met with leaders of the central province Wednesday to present the proposal.

AGR chairman Sombat Chalermuwutinan said the Thai consortium aimed at using output from the Ken Bau oil and gas field that is offshore Thua Thien-Hue and borders Quang Tri province as well.

He said AGR was expanding its operations into logistics and electricity development, and was receiving strong support and investment from the Thai government. Therefore, the consortium has the financial capacity and technical capability to build the petrochemical complex, he added, noting that Sermsang was an experienced power generation developer.

Vietnam’s first oil refinery, Dung Quat, in Quang Ngai province on the central coast. Photo courtesy of Quang Ngai Radio &TV.

Vietnam’s first oil refinery, Dung Quat, in Quang Ngai province on the central coast. Photo courtesy of Quang Ngai Radio &TV.

Sermsang managing director Varut Tummavarankub said his company was investing in energy projects in Thailand, Japan, Mongolia and Vietnam.

In Vietnam, he wants to expand operations to Thua Thien-Hue, following the company’s solar power projects in Quang Ngai province in the central region and wind projects in Tra Vinh in the south, Tummavarankub said.

Thua Thien-Hue's Party chief Le Truong Luu said the finding of the Ken Bau oil and gas field presented a great opportunity for the petrochemical and power sectors in the region, but deep research was needed for such a petrochemical complex.

Luu pledged full support for the consortium to undertake all research needed. The provincial administration will also report on the project to the government so that it can be added to the national petrochemical and energy development plan, he added.

Meanwhile, in southern Vietnam, Thai conglomerate Siam Cement Group (SCG) is nearing completion of its $5.4 billion Long Son Petrochemical Complex project in Ba Ria-Vung Tau province, Vietnam’s oil and gas exploration hub. The giant plans to put the complex into operation next year.

Vietnam currently has two operational oil refineries – Nghi Son in Thanh Hoa and Dung Quat in Quang Ngai, both provinces in the central region.

Nghi Son is a $9 billion refinery co-owned by the Vietnam Oil and Gas Group (Petrovietnam), Kuwait Petroleum Europe B.V. (KPE), and Japan’s Mitsui Chemical and Idemitsu Kosan Co. Dung Quat is a Petrovietnam subsidiary that has received more than $3 billion in investment.

In southern Vietnam, Thai conglomerate Siam Cement Group (SCG) is nearing completion of its $5.4 billion Long Son Petrochemical Complex project in Ba Ria-Vung Tau province, Vietnam’s oil and gas exploration hub. The giant plans to put the complex into operation next year.

Currently, Vietnam has two operational oil refineries namely Nghi Son in Thanh Hoa and Dung Quat in Quang Ngai, both in the central region.

Nghi Son is a $9 billion refinery co-owned by the state-run Petrovietnam, Kuwait Petroleum Europe B.V. (KPE), and Japan’s Mitsui Chemical and Idemitsu Kosan Co. Meanwhile, Dung Quat is a Petrovietnam subsidiary and has received more than $3 billion in investment.

Comments (0)
  • Read More
PYN Elite manager upbeat about Vietnam’s economy, stock market despite Trump uncertainty

PYN Elite manager upbeat about Vietnam’s economy, stock market despite Trump uncertainty

The Vietnamese economy will still fare well, and the local stock market will remain appealing despite the recent pullback following Donald Trump’s election win for a second term, said Petri Deryng, portfolio manager of Finland-based the PYN Elite fund.

Finance - Fri, November 22, 2024 | 8:25 am GMT+7

Central Vietnam province plans to build $2.4 bln LNG power plant from 2031

Central Vietnam province plans to build $2.4 bln LNG power plant from 2031

The 4,800-MW Chan May LNG power plant, with an investment of $2.4 billion, can be deployed in 2031-2035, according to Thua Thien Hue authorities.

Energy - Thu, November 21, 2024 | 10:41 pm GMT+7

Indonesia, France step up cooperation in economy, defence

Indonesia, France step up cooperation in economy, defence

Indonesian President Prabowo Subianto discussed economic and defence cooperation during a bilateral meeting on Tuesday with French President Emmanuel Macron on the sidelines of the G20 Summit in Rio de Janeiro, Brazil, Antara reported.

Southeast Asia - Thu, November 21, 2024 | 10:25 pm GMT+7

Thai economy to maintain upward momentum in 2025

Thai economy to maintain upward momentum in 2025

The National Economic and Social Development Council of Thailand (NESDC) expects the Thai economy to sustain its upward momentum in 2025 with a growth of 2.3-3.3% despite growing risks.

Southeast Asia - Thu, November 21, 2024 | 10:24 pm GMT+7

Former parliament chairman Vuong Dinh Hue warned for violations

Former parliament chairman Vuong Dinh Hue warned for violations

The Politburo, Vietnam's supreme decision making body, on Wednesday issued warnings to Vuong Dinh Hue, former Chairman of the National Assembly, and Nguyen Van The, former Minister of Transport, for violations while on duties.

Politics - Thu, November 21, 2024 | 10:10 pm GMT+7

Sumitomo insists on building LNG power plant in central Vietnam

Sumitomo insists on building LNG power plant in central Vietnam

Japanese trading house Sumitomo has been pushing for a liquefied natural gas (LNG)-fed power plant investment in Vietnam’s central province of Khanh Hoa.

Energy - Thu, November 21, 2024 | 8:53 pm GMT+7

Vietnam’s Vinhomes fulfils 67% of record buyback plan

Vietnam’s Vinhomes fulfils 67% of record buyback plan

Vinhomes, the housing development arm of conglomerate Vingroup, has purchased back 246.98 million shares, meeting 66.75% of the plan and accounting for 5.7% of the outstanding volume.

Finance - Thu, November 21, 2024 | 8:43 pm GMT+7

Vietnam high-speed railway should run beyond Hanoi, HCMC on either side: lawmakers

Vietnam high-speed railway should run beyond Hanoi, HCMC on either side: lawmakers

Vietnam’s mega North-South high-speed railway project should be redesigned and extended beyond Hanoi and Ho Chi Minh City as currently planned, several lawmakers have suggested.

Infrastructure - Thu, November 21, 2024 | 6:11 pm GMT+7

Vietnam-Malaysia relationship upgraded to comprehensive strategic partnership

Vietnam-Malaysia relationship upgraded to comprehensive strategic partnership

Vietnam and Malaysia have upgraded their relationship to a comprehensive strategic partnership, the highest level in the former’s diplomatic hierarchy.

Politics - Thu, November 21, 2024 | 5:21 pm GMT+7

Petrovietnam units sign LNG supply deal for trial run of Vietnam’s first LNG power plants

Petrovietnam units sign LNG supply deal for trial run of Vietnam’s first LNG power plants

PV Power and PV Gas, two units of state-owned Petrovietnam, have signed an LNG supply deal for trial operation of Nhon Trach 3 and Nhon Trach 4, Vietnam’s first LNG-to-power plants.

Energy - Thu, November 21, 2024 | 4:40 pm GMT+7

Sufficient first phase funds ensured for Vietnam’s new mega airport: transport minister

Sufficient first phase funds ensured for Vietnam’s new mega airport: transport minister

Minister of Transport Nguyen Van Thang affirmed Wednesday that funding would be secured for building the Long Thanh International Airport, set to become Vietnam’s biggest.

Infrastructure - Thu, November 21, 2024 | 3:53 pm GMT+7

Bamboo Capital wins kudos for transparent reports, good governance

Bamboo Capital wins kudos for transparent reports, good governance

Vietnamese private conglomerate Bamboo Capital Group has been honored as a Top 20 business with the Best Annual Report and the Best AGM Organization at the 2024 Vietnam Listed Company Awards (VLCA).

Bamboo Capital - Thu, November 21, 2024 | 3:37 pm GMT+7

VAFIE to organize workshop on amendments to horse racing, football betting rules

VAFIE to organize workshop on amendments to horse racing, football betting rules

The Vietnam’s Association of Foreign Invested Enterprises (VAFIE) and The Investor will organize a workshop on suggestions to amend the government’s Decree 06 on horse racing, greyhound racing and international football betting services.

Economy - Thu, November 21, 2024 | 2:38 pm GMT+7

Vietnam Politburo okays international, regional financial centers in HCMC, Danang

Vietnam Politburo okays international, regional financial centers in HCMC, Danang

Vietnam’s highest decision-making body, the Politburo, has greenlighted the establishment of an international financial center in Ho Chi Minh City and a regional financial center in the central city of Danang.

Economy - Thu, November 21, 2024 | 1:50 pm GMT+7

Singapore's Platinum Victory seeks to gain veto at Vietnam’s REE

Singapore's Platinum Victory seeks to gain veto at Vietnam’s REE

Singaporean fund Platinum Victory Pte. Ltd. has registered to buy more shares of Ho Chi Minh City-based utility firm Refrigeration Electrical Engineering Corporation (REE) to achieve the vetoing power in the latter.

Finance - Thu, November 21, 2024 | 11:29 am GMT+7

Posco keen on investing in Vietnam's $2.2 bln LNG power project

Posco keen on investing in Vietnam's $2.2 bln LNG power project

South Korea’s steelmaker Posco is eyeing to invest in the $2.2 billion Quynh Lap LNG-fired power plant project in Vietnam’s central province of Nghe An.

Energy - Thu, November 21, 2024 | 10:42 am GMT+7