Part of the Long Sơn petrochemical complex. —VNA/VNS Photo

The Long Sơn Petrochemicals Co. Ltd. (LSP) has announced that its Long Sơn petrochemical complex in the southern province of Bà Rịa-Vũng Tàu is on track to begin commercial operation in the third quarter of 2024.

Since November 2023, LSP has been conducting comprehensive trial runs across the entire complex, encompassing both the upstream Olefins plant and the three downstream Polyolefin plants.

It is the first fully integrated petrochemical complex in Việt Nam, which has been built in Long Sơn Commune of Vũng Tàu City since February 28, 2018. With a total investment of about US$5.4 billion, it has a designed capacity of 1.4 million tonnes of olefin resin per year, aimed at producing a variety of petroleum products, including essential raw materials for the plastics industry such as polyethylene, polypropylene and related products. This initiative is intended to reduce reliance on imported polyolefin products and improve the competitiveness of downstream manufacturers in the domestic market.

The complex boasts a quality workforce of around 1,000 employees, with 80 per cent being Vietnamese. Once put into commercial operation, it will generate stable jobs for 10,000 workers and contribute an estimated VNĐ2.5 trillion ($104.1 million) to the State budget annually.

In 2018, Thailand’s Siam Cement Group acquired a 29 per cent stake in the project from the Vietnam Oil and Gas Group (Petrovietnam), ultimately securing full ownership with a 100 per cent stake. — VNS