On February 24, Thailand’s SCG, one of the leading conglomerates in the ASEAN region, officially kicked off its long-awaited Long Son Petrochemical Complex after more than ten years of development.
|SCG has launched its $5.4-billion petrochemical complex|
Located in the southern province of Ba Ria-Vung Tau, Long Son Petrochemical Complex (LSP) is 71 per cent invested by Thailand’s SCG Group, with the rest being held bystate-run Vietnam Oil and Gas Group (PetroVietnam).
According to Roongrote Rangsiyopash, president and CEO of SCG, the Vietnamese economy is on an impressive growth path and LSP is expected to contribute to this momentum.
“SCG believes that the project will encourage long-term investment in related industries throughout the value chain as well as improve the competitive standards of products, which will lessen the need for imported petrochemical products,” said Roongrote.
Besides, Roongrote added that SCG believed this project would support the growth of downstream businesses in Vietnam and play a vital role in securing long-term economic growth as well as improving of the quality of life for people in Vietnam and across the region.
“SCG is proud of having been a good corporate citizen in Vietnam for more than 20 years and pledges that all of Long Son Petrochemical Complex’s business practices will strictly follow international safety standards and will pay special attention to remain environment-friendly and ensure sustainable co-existence with the communities.”
At the ground-breaking ceremony Prime Minister Nguyen Xuan Phuc said that LSP will play a vital role in the government’s plan to develop the petrochemical industry to meet the domestic demand and start exporting.
“The project has been in the pipeline for a long time and today, on behalf of the Vietnamese government, I would like to applaud the determination and tenacity of SCG, Long Son Petrochemical Complex, and PetroVietnam to drive the project to fruition. The Vietnamese government commits to facilitating this project, which is very important not only to the national economy, but also for the strategic relation between the two countries of Vietnam and Thailand,” PM Phuc said.
LSP is located in Long Son commune (Ba Ria-Vung Tau province) just 100 kilometres from Ho Chi Minh City.
The approximately $5.4-billion project is positioned as Vietnam’s first integrated petrochemical complex that will produce up to 1.6 million tonnes of olefins per year.
Additionally, it was designed to produce various petrochemical products, including essential plastic materials such as polyethylene, polypropylene and others in excess of two million tonnes per year to substitute the current imports of polyolefin products.
Non-petrochemical supporting infrastructure, such as a deep sea port and other facilities, are also included. Business operations will strictly follow safety standards and will remain environment-friendly. The project as well as its management board will place special importance on social and environmental concerns, aligning with SCG’s vision of becoming a regional leader in sustainability to enhance the quality of life for all.
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By Bich Ngoc
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