Thailand’s Siam Cement Group (SCG) has acquired another 25 percent stake in Long Son Petrochemicals Complex for 36.1 million USD (Photo: twgroup.com.vn )Hanoi (VNA) - Thailand’sSiam Cement Group (SCG) has acquired a part of Long Son Petrochemicals (LSP)Complex for 36.1 million USD, reviving its delayed petrochemical complex in Vietnam.
The 36.1 million USD acquisitionraises SCG’s stake in LSP from 46 percent to 71 percent, making it the largestshareholder. The remaining 29 percent is held by Vietnam National Oil and Gasgroup (PetroVietnam).
The corporation had been looking fora new partner for the LSP project in Ba Ria-Vung Tau since 2015 after QatarPetroleum International (QPI) decided to withdraw. Finally, SCG purchased theentire 25 percent stake from Qatar Petroleum Vietnam Limited (QPIV), a divisionof QPI.
The transaction was carried outthrough SCG’s wholly-owned subsidiary Vina SCG Chemicals (VSCG), the companysaid in a filing.
The project will be financed througha combination of equity and debt, the final decision for which is expected tobe made in the first half of 2017.
Located around 100km from HCM City,LSP is the first petrochemical complex in Vietnam. The project’s goal is todevelop a 1-million-tonne ethylene cracker with a flexible gas and naphthafeed, creating an olefin capacity of up to 1.6 million tonnes per year.
SCG is a century-old Thaicorporation with interests in cement production, construction materials,chemicals and packaging. Regionally, it has investments in Indonesia, Vietnam andCambodia. By the end of 2016, SCG had invested more than 800 million USDthrough a number of projects in Vietnam.-VNA
The 36.1 million USD acquisitionraises SCG’s stake in LSP from 46 percent to 71 percent, making it the largestshareholder. The remaining 29 percent is held by Vietnam National Oil and Gasgroup (PetroVietnam).
The corporation had been looking fora new partner for the LSP project in Ba Ria-Vung Tau since 2015 after QatarPetroleum International (QPI) decided to withdraw. Finally, SCG purchased theentire 25 percent stake from Qatar Petroleum Vietnam Limited (QPIV), a divisionof QPI.
The transaction was carried outthrough SCG’s wholly-owned subsidiary Vina SCG Chemicals (VSCG), the companysaid in a filing.
The project will be financed througha combination of equity and debt, the final decision for which is expected tobe made in the first half of 2017.
Located around 100km from HCM City,LSP is the first petrochemical complex in Vietnam. The project’s goal is todevelop a 1-million-tonne ethylene cracker with a flexible gas and naphthafeed, creating an olefin capacity of up to 1.6 million tonnes per year.
SCG is a century-old Thaicorporation with interests in cement production, construction materials,chemicals and packaging. Regionally, it has investments in Indonesia, Vietnam andCambodia. By the end of 2016, SCG had invested more than 800 million USDthrough a number of projects in Vietnam.-VNA
VNA
