Long Sơn Petrochemicals staffmen at work. — Photo courtesy of SCG

Southeast Asian conglomerate SCG reported sales revenue of over VNĐ25.67 trillion (US$1.03 billion) in the Vietnamese market in the first six months of this year, up 17 per cent year-on-year, primarily driven by the increased sales from SCG Chemicals (SCGC).

The Long Sơn Petrochemicals (LSP) project, Việt Nam’s first fully integrated petrochemical complex, officially commenced its commercial operations on September 30 and produced 74,000 tonnes of plastic resins during the trial period.

SCGC is actively working on an investment project to improve the production process of LSP, it said in a statement.

This project aims to enhance the long-term competitiveness of the business by increasing LSP's operational flexibility. It involves importing ethane gas from the US as a raw material, alongside the current use of naphtha and propane.

The investment budget of $700 million will mainly be used for constructing ethane gas tanks and supporting facilities. The project is expected to be completed by the end of 2027 and once operational, LSP will produce olefins and polyolefins to meet the high demand for consumer goods in Việt Nam.

For SCG’s operation in ASEAN (excluding Thailand), revenue from sales increased 13 percent year-on-year in nine months to $2.03 billion.

This growth was primarily driven by improved market conditions in regional operations, particularly in Việt Nam and Indonesia. This contributed to 19 per cent of SCG’s total Revenue from Sales. This figure includes sales from local operations in each ASEAN market and imports from Thai operations.

As of September 30, 2024, SCG’s total assets amounted to $26.88 billion. Of these, the total assets of SCG in ASEAN (ex-Thailand) topped $11.99 billion, or 45 per cent of SCG’s total consolidated assets. — VNS