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Vietnam’s 1st Petrochemicals Complex Agreement Signed

Source: www.gulfoilandgas.com 2/10/2012, Location: Asia

SCG, QPI, PetroVietnam (PVN) and Vinachem jointly signed the “Joint Venture Agreement” to invest in Vietnam’s first petrochemicals complex, reaffirming commitment towards the $4.5 billion project.

Mr. Kan Trakulhoon, President and CEO of SCG said, “This signing ceremony is the beginning of the landmark collaboration and another stepping stone on the journey of prosperity and success together. With the investment of $4.5 billion or approximately 140,000 THB, the project will be Vietnam’s first integrated petrochemicals complex, serving as the spring board for import substitute and value added conversion industries for the country, and a vehicles to capture the ASEAN growth for Vietnam,”

“In addition to full integration and economies of scale, security and availability of long term feedstock is essential to the competitiveness of this project. As part of this signing ceremony, Qatar International Petroleum Marketing Comp. Ltd. (TASWEEQ), the exclusive marketer of Regulated Products from Qatar, signed a long term feedstock agreement to supply the cracker with propane and naphtha, while PV GAS, a subsidiary of PetroVietnam, signed a Memorandum of Understanding to supply ethane,” added Mr. Kan

With this Joint Venture Agreement, SCG holds 28% stake in the project, while Thai Plastic and Chemicals (TPC) holds another 18%. The remaining are significant strategic partners comprising of QPI Vietnam (subsidiary of Qatar Petroleum International), Petro Vietnam and Vinachem. Following the signing of this joint venture agreement, and finalization of the financing agreements, the commercial operation is expected in the next 4 years.

The complex’s capacity will consist of a 1.4-MTON olefins from a flexible cracker utilizing feedstock as ethane, propane and naphtha, with supporting infrastructure, such as storage facilities, port, jetty, power plant and other utilities. Furthermore, the cracker will be fully integrated with a wide range of downstream products, including polyethylene (PE), polypropylene (PP) and vinyl chloride monomer (VCM). The majority of these products will be consumed domestically, supporting a total Vietnamese population of approximately 90 million.

“The petrochemicals complex will utilize state-of-the-art technology with health, safety and environment benchmarks of international standards. Its products will be able to serve growing demand in both Vietnam and ASEAN,” added Mr. Kan.

Located on Long Son Island, province of Ba Ria-Vung Tau in southern Vietnam, and adjacent to Vietnam’s future refinery for operational synergy, approximately 100 km southeast of Ho Chi Minh City, the petrochemical complex will be in proximity of southern Vietnamese market. The complex has an excellent synergy with a wide array of Vietnamese industries such as consumer goods packaging, PVC pipe and profiles, electrical appliances, auto industry, etc., all of which will help contribute to the growth of the Vietnamese economy.

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