July 21, 2008
Bangkok - Vietnam has licensed state-run PetroVietnam and Thai industrial conglomerate Siam Cement to build a 3.77-billion-dollar petrochemical complex, according to the Dau Tu (Investment) newspaper.
The Long Son Petrochemical Co Ltd plant is scheduled to be built in southern province of Ba Ria-Vung Tau province.
The construction is set for completion in 2013.
The license was granted to two units of Siam Cement -- Vina SCG Chemicals and Thai Plastic and Chemicals, which would together own 71 percent --with Vietnam Oil and Gas Corporation (PetroVietnam) and the Vietnam National Chemical Corp holding the rest.
Construction will be in six phases and the complex will serve as the foundation for the development of Vietnam's petrochemicals and plastics industries.
The plant will be close to a refinery Vietnam plans to build at Long Son -- its third after the Dung Quat and Nghi Son refinery.
Siam Cement Group has invested in Vietnam since 1990 and has petrochemicals, paper, ready-mixed concrete, building materials and distribution businesses there.
SCG Paper was eyeing for more acquisitions of paper firms in Vietnam last month.
