Hanoi — State-owned PetroVietnam and Thailand's Siam Cement Group on Saturday held a groundbreaking ceremony to begin work on the $5.4 billion Long Son Petrochemicals Complex in southern Vietnam, PetroVietnam said in a statement Monday.
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Vietnamese premier Nguyen Xuan Phuc and other local government officials attended the ceremony at the construction site in the coastal city of Vung Tau on Saturday.
The complex, the first petrochemical plant in Vietnam, is targeted to be built in five years with commercial operations expected in 2022, PetroVietnam said.
PetroVietnam owns a 29% stake in the project, with the remaining 71% held by SCG.
The petrochemical complex will revolve around a 1 million mt/year steam cracker with flexible gas and naphtha feed, and a total olefins capacity of up to 1.6 million mt/year, depending on the feedstock mix.
The cracker will have the flexibility to utilize gas to up to 80% of the total feedstock mix, and will be fully integrated to downstream polyolefins capacities.