Thai group’s $5.4 bln Vietnam petrochemical complex 96% complete

By Phan Thao
Mon, August 15, 2022 | 11:19 am GTM+7

The Siam Cement Group’s (SCG) Long Son Petrochemicals Complex in southern Vietnam was 96.2% complete as of July, according to a source with knowledge of the matter.

The Thai conglomerate started construction of the $5.4 billion complex in Ba Ria-Vung Tau province in the fourth quarter of 2018. It expects a partial start to operations this year and a complete start in the first half of 2023.

As of July, the complex’s olefins factory was 92.9% complete; tanks, 99.5%; high-density polyethylene (HDPE) plant (98.3%); polypropylene (PP) factory (98.2%); linear low-density polyethylene (LLDPE) factory (94.9%); main support factory (99.9%); and buildings and internal roads (99.7%).

Work on terminals in the complex is complete, the source said, asking not to be named.

In August 2018, SCG signed loan agreements worth more than $3.2 billion with six leading financial institutions to implement the project. The lenders were Sumitomo Mitsui Banking Corporation, Mizuho Bank, Bangkok Bank, Krungthai Bank, Siam Commercial Bank and Export-Import Bank of Thailand.

A part of Long Son Petrochemicals Complex in Ba Ria-Vung Tau province, southern Vietnam. Photo courtesy of Siam Cement Group.

A part of Long Son Petrochemicals Complex in Ba Ria-Vung Tau province, southern Vietnam. Photo courtesy of Siam Cement Group.

SCG’s Long Son Petrochemicals Complex is a key development in Vietnam’s oil and chemicals sectors. Therefore, in 2019, the project was placed on the list of projects supervised by the Vietnamese government’s Council for State Inspection of Construction Works.

According to the Ministry of Industry and Trade, periodical examinations have shown that the quality of the works at Long Son has basically met requirements. SCG has reviewed, checked and reported to the council the results of implementing its instructions.

In a meeting with Vietnamese Prime Minister Pham Minh Chinh this February, SCG president and CEO Roongrote Rangsiyopash had said the group was eyeing two projects - upgrading production capacities in the complex and developing the second phase.

He said phase two would employ environment-friendly, advanced technology, and concentrate on the production of high-value added products such as SCG green polymer, an innovative eco-friendly polymer, to promote sustainable development.

The second phase will be developed in the same area, benefiting from the availability of infrastructure to expand the plants, he said, adding: “Official application submissions will be made on a suitable upcoming occasion.”

Vietnam now has two operational oil refineries - Nghi Son Refinery and Petrochemical complex in Thanh Hoa province, and the Binh Son Refining and Petrochemical in Quang Ngai province, both in the central region.

Nghi Son is a $9 billion refinery co-owned by state-run Petrovietnam, Kuwait Petroleum Europe B.V. (KPE) and Japan’s Mitsui Chemical and Idemitsu Kosan Co.

The other complex, better known as Dung Quat Refinery, is a Petrovietnam subsidiary and has received more than $3 billion in investments.

Comments (0)
  • Read More
Vietnam’s nation brand valued at $431 billion

Vietnam’s nation brand valued at $431 billion

Vietnam has seen the third biggest brand value gain over the course of the pandemic in absolute terms, up $184 billion year-on-year to $431 billion in 2022, says London-based Brand Finance.

Economy - Sat, October 1, 2022 | 11:22 am GTM+7

Fever cools, townhouse, villa segment turns lethargic in major cities

Fever cools, townhouse, villa segment turns lethargic in major cities

Liquidity in the townhouse and villa segment, once feverishly high in both Hanoi and Ho Chi Minh City, has been drying up in recent months.

Real Estate - Sat, October 1, 2022 | 9:50 am GTM+7

AES gets ministerial nod for 2,250 MW LNG power project in Binh Thuan

AES gets ministerial nod for 2,250 MW LNG power project in Binh Thuan

American energy corporation AES has received in-principle approval from the Ministry of Industry and Trade for its VND50,432 billion ($2.11 billion) Son My 2 LNG-to-power project in the south-central province of Binh Thuan.

Energy - Fri, September 30, 2022 | 9:24 pm GTM+7

Coro Energy operates pilot rooftop solar power project in Vietnam

Coro Energy operates pilot rooftop solar power project in Vietnam

Coro Energy has completed commissioning of its Vietnam rooftop solar pilot project, the UK-based energy firm announced Friday.

Energy - Fri, September 30, 2022 | 6:59 pm GTM+7

VN-Index pulls one back after five losing sessions

VN-Index pulls one back after five losing sessions

Vietnam’s benchmark VN-Index reversed a consecutive five session decline with a six-point gain Friday to close at 1,132 points.

Finance - Fri, September 30, 2022 | 6:30 pm GTM+7

Vietnam’s GDP growth to keep driving southern industrial property market: report

Vietnam’s GDP growth to keep driving southern industrial property market: report

The industrial and logistics market in Ho Chi Minh City, Dong Nai, Binh Duong, Long An, and Ba Ria-Vung Tau will continue to grow in 2022-2023 thanks to Vietnam’s resilient economic expansion, according to Cushman and Wakefield.

Real Estate - Fri, September 30, 2022 | 3:32 pm GTM+7

Vietnam needs bonded warehouses for US cotton imports

Vietnam needs bonded warehouses for US cotton imports

Building a Vietnam bonded warehouse for U.S. cotton would benefit both countries, Vietnam Textile and Apparel Association (Vinatas) chairman Vu Duc Giang said Friday.

Industries - Fri, September 30, 2022 | 3:19 pm GTM+7

Thai giant Central Retail eyes mall investment in Binh Thuan

Thai giant Central Retail eyes mall investment in Binh Thuan

Thailand's Central Retail is seeking opportunities to build malls and supermarkets in Binh Thuan province.

Industries - Fri, September 30, 2022 | 3:05 pm GTM+7

Vietnam Q3 unemployment lowest in 3 years

Vietnam Q3 unemployment lowest in 3 years

Vietnam's unemployment rate dropped 1.7 percentage points year-on-year to 2.28% in the third quarter, the lowest since 2020.

Economy - Fri, September 30, 2022 | 11:38 am GTM+7

Looking up HCMC’s highest high-end homes

Looking up HCMC’s highest high-end homes

Housing projects like The River Thu Thiem, Lumière Riverside, Grand Marina Saigon, and The Opera Residence are home to the most expensive penthouses in Ho Chi Minh City.

Real Estate - Fri, September 30, 2022 | 9:36 am GTM+7

VAFIE helps boost cooperation between Vietnam, India firms

VAFIE helps boost cooperation between Vietnam, India firms

Invest Global, an investment consultancy under the Vietnam Association of Foreign-Invested Enterprises (VAFIE), and a delegation of 15 Indian businesses have signed an agreement on boosting investment cooperation between the two countries.

Industries - Fri, September 30, 2022 | 8:05 am GTM+7

US dollar scales record high peak of VND24,000

US dollar scales record high peak of VND24,000

The exchange rate at Vietnamese commercial banks crossed VND24,000 per dollar Thursday, reaching a new peak that it had not scaled before.

Banking - Thu, September 29, 2022 | 9:45 pm GTM+7

Proptech firm Levitate makes its debut in Vietnam

Proptech firm Levitate makes its debut in Vietnam

Singapore-headquartered housing development platform Levitate has made Vietnam its debut market, giving consumers in the country more creative input when buying their own home.

Real Estate - Thu, September 29, 2022 | 9:19 pm GTM+7

VN-Index drops for fifth consecutive day despite strong economic data

VN-Index drops for fifth consecutive day despite strong economic data

Vietnam’s benchmark VN-Index dropped 17.55 points Thursday to 1,126.07, despite newly-released data showing the country’s nine-month GDP growth hitting 8.83%, a record high in 12 years.

Finance - Thu, September 29, 2022 | 5:18 pm GTM+7

Steel giant Hoa Phat starts operating $42 mln home appliance factory

Steel giant Hoa Phat starts operating $42 mln home appliance factory

Hoa Phat Group has begun production at its new home appliance factory worth VND1,000 billion ($42 million) in Ha Nam province.

Industries - Thu, September 29, 2022 | 4:28 pm GTM+7

Four major markets spend $27 billion importing phones, components from Vietnam

Four major markets spend $27 billion importing phones, components from Vietnam

The U.S., EU, China and South Korea imported nearly $27 billion worth of phones and components from Vietnam in the first eight months of the year, according to the Ministry of Industry and Trade.

Economy - Thu, September 29, 2022 | 4:06 pm GTM+7