Thai consortium proposes petrochemical complex in central Vietnam

By Phan Long
Thu, September 1, 2022 | 2:07 pm GTM+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.

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