Tuesday,  Aug 14, 2018,23:17 (GMT+7) 0 0
SCG Thailand wholly owns Long Son petrochemical project
Wednesday,  May 30, 2018,18:35 (GMT+7)

SCG Thailand wholly owns Long Son petrochemical project

HCMC – Siam Cement Group (SCG), Thailand’s largest cement producer, has made a complete acquisition of Long Son petrochemical project by cutting a deal with the Vietnam Oil and Gas Group (PVN) to purchase the remaining 29% stake, news website VnEconomy reports.

The transaction worth VND2,052 billion (US$90 million) is scheduled for completion next month after which SCG will officially become the sole owner of the project.

According to SCG, the execution of the engineering-procurement-construction (EPC) contract will take place in quarter three this year, and the project is expected to be commissioned in early 2023, with the capacity reaching 1.6 million tons of olefin products a year.

It will offer around 20,000 jobs in the construction process, and make a contribution of  US$60 million to the State budget annually. The project is expected to attract and train over 1,000 skilled workers.

The Long Son petrochemical project was licensed 10 years ago, with a total initial investment of US$3.77 billion, which was later revised up to US$4.5 billion and finally US$5.4 billion. Construction was put on hold for a while and resumed in February this year.

In 1992 SCG entered Vietnam as its strategic market. Now, it has 23 subsidiaries operating in Vietnam in various sectors such as cement, building materials, petrochemicals and packaging.

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