The People's Committee of southern Ba Ria-Vung Tau Province has handed over 400ha of land to the Long Son petrochemical complex project, which has an investment of US$4.5 billion.—Photo baobariavungtau

BANGKOK (Biz Hub) — The People's Committee of southern Ba Ria-Vung Tau Province has handed over 400ha of land to the Long Son petrochemical complex project, which has an investment of US$4.5 billion.

Kan Trakulhoon, President of Thailand's Siam Cement Group (SCG), the main investor in the project, said final negotiations were being completed over equipment supply packages, with work on the project expected to start early next year.

Work on the complex based in Long Son Oil and Gas Industrial Zone was initially set to start in 2009, with production scheduled to begin in late 2012. However, the complex has fallen behind schedule due to issues related to site clearance.

Work on the complex based in Long Son Oil and Gas Industrial Zone was initially set to start in 2009, with production scheduled to begin in late 2012. However, the complex has fallen behind schedule due to issues related to site clearance.

The complex aims to help meet the growing demands of local industries for high-quality plastic resins, valued at up to $2 billion annually.

It will consist of a factory capable of turning out 1.65 million tonnes of olefins, 1.45 million tonnes of polyolefins, 280,000 tonnes of chlor-alkali and other materials each year. There will also be support facilities including a port, warehouse and power plant.

Currently, SCG holds more than a 28 per cent stake in the complex while the remaining interest belongs to Qatar Petroleum, Viet Nam National Oil and Gas Group (PetroVietnam) and Viet Nam National Chemical Group (Vinachem).

Kan said that the complex was a major project SCG has pursued during the past six years. — VNS