At the signing ceremony (Source: VNA)According to Chairman of PetroVietnam’s Board of Directors Nguyen Vu Truong Son,the event marked a decisive milestone in cooperation among relevant parties in implementingthe Southern Petrochemical Complex project.
LSP will focus on completing preparations for investment and construction,aiming to put the project into operation by 2021.
Covering 400ha in the Long Son Industrial Zone inthe southern province of Ba Ria-Vung Tau, the 5.4-billion-USDpetrochemical complex is key to the future of Vietnam's petroleum industryalong with the Dung Quat, Nghi Son and Long Son oil refineries. It is expected to churn out up to 1.6 milliontonnes olefin per year.
Applying advanced and modern technologies and techniques, the project meetsrequirements of environment protection, ensures safe operation, and produceshigh-quality petrochemical products.
Once operational, it is expected to meet 65percent of the country's demand for polyetylen and polypropylene, contributingto a stable supply of input materials for the petrochemical industry.
It will also bring jobs to about 1,000 labourers and contribute about 115 millionUSD per year to the State budget within the first 30 years of operation.
On the occasion, the PetroVietnam Oil Corporation (PV Oil)– a subsidiary of PetroVietnam, issued a letter of commitment to provision ofethane for the project.-VNA
VNA
