Work on construction of a US$ 4.5 billion petrochemical complex in Vietnam, a joint venture of Qatar Petroleum International (QPI) and Thailand-based Siam Cement Group (SCG) and its Vietnamese partners - PetroVietnam (PVN) and Vinachem, is expected to start in 2015 and it would get completed in 2018, SCG president and chief executive Kan Trakulhoon has said.
SCG had meetings with representatives of several Japanese banks, including Sumitomo Mitsui Banking Corp, the Japan Bank for International Cooperation, and the Bank of Tokyo-Mitsubishi UFJ, which would be extending financial support to the petrochemical project, Mr. Trakulhoon said, The Nation reported.
He informed that Sumitomo Mitsui Banking Corp has been appointed as financial adviser for the Vietnam petrochemical project, in which SCG holds 46 percent stake while PetroVietnam and the Qatari partner own 29 percent and 25 percent shares, respectively.
The project would use naphtha and natural gas alternately as raw material, enabling the plant to lower production costs, he said.
Over the next 9-12 months, the project would select companies for taking charge of engineering procurement construction management.
Located on Long Son Island, province of Ba Ria-Vung Tau in southern Vietnam, the project will be Vietnam’s first integrated petrochemicals complex. On completion, it will have an annual capacity to produce 1.4 mt of olefins, majority of which would be consumed by the domestic Vietnamese market.
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