PetroVietnam, SCG sign an agreement to speed up Long Son petrochemical project under the witness of PM Nguyen Xuan Phuc and Thai Prime Minister Prayut Chan-ocha (Source: VNA)Hanoi (VNA) – The Vietnam NationalOil and Gas Group (PetroVietnam) and the Siam Cement Group (SCG) ofThailand have just signed an agreement on accelerating the progress of a petrochemicalproject in southern Vietnam.
Under theagreement, which was signed during Prime Minister Nguyen Xuc Phuc’s officialvisit to Thailand, PetroVietnam and SCG will speed up the implementation of thepetrochemical project in Long Son commune in the southern province of Ba Ria-VungTau, as well as the development of the Long Son Petrochemical Co. Ltd. (LSP) –the project’s investor.
The two sides agreed to provide optimal supportfor the LSP to implement the Engineering, Procurement and Construction (EPC) contractin the fourth quarter of this year while giving priorities to memberunits/subsidiaries of PetroVietnam to provide services and goods for theproject in line with current laws, competitiveness and benefit of the LSP.
PetroVietnam and SCG also consented tocontribute capital to ensure the implementation of the project.
Previously, a PetroVietnam delegation held aworking session with SGC leaders to discuss cooperation opportunities in thepetrochemical sector. The two sides expressed their hope to realise potentialswith programmes and projects in the future.
Covering 464ha in the Long Son Industrial Park inVung Tau city, the 5.4 billion USD petrochemical complex is one of the keypetroleum projects. It is expected to be completed and put into operation in2022, with a capacity reaching 1.6 million tonnes of olefin per year.
Using advanced technologies, the project meetsrequirements of environment protection, ensures safe operation, and produceshigh-quality petrochemical products.
During construction, the project will createjobs for between 15,000- 20,000 labourers. Once operational, it is expected tocreate jobs for over 1,000 labourers and contribute around 115 million USD peryear to the provincial and the state budget during 30 years of operation.-VNA
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