PetroVietnam, SCG speed up Long Son petrochemical project

The event was co-organized by Thailand- Vietnam Enterprises Association, Kashikom Bank of Thailand, the Ministry of Planning and Investment of Vietnam and Vietnam Embassy to Thailand with the participation of 500 firms of the countries. At the forum, PM Nguyen Xuan Phuc said that the two- way trade turnover of Vietnam and Thailand reached more than US$ 12.5 billion after four years of the establishment of the strategic partnership ties. Thailand has had around 470 investment projects into Vietnam with total capital of over US$ 8 billion so far. In the tourism sector, around 830, 000 Vietnamese travelers had arrived in Thailand, and Vietnam had attracted nearly 270,000 tourists from Thailand. He said that Vietnam has been promoting Merge and Acquisition ( M& A) activities in combination with state-owned enterprises equalization in the fields of transport, infrastructure,food, agriculture, telecommunications, trade and services,tourism and construction… The country also continues encouraging startup activities between domestic and global enterprises and creating advantages for foreign investors into the market. At the meeting with Thai Prime Minister Prayuth Chan-ocha, both sides discussed about organizing of annual and once in two year-meetings to solve difficulties for investors and other issues. Under the witness of the Prime Ministers, the nations’ enterprises exchanged the cooperation agreements and documents in the fields of electrical power, high-tech agriculture, goods distribution, agricultural product purchase, construction ... Prime Minister Nguyen Xuan Phuc attends in an opening ceremony of Vietnamese Goods Week in Bangkok capital of Thailand Thai…... [read more]

PetroVietnam, SCG speed up Long Son petrochemical project

Prime Minister Nguyen Xuan Phuc addresses the “Viet Nam – Thailand Economic Cooperation Forum” held in Bangkok on Friday. — VNA Photo Thong Nhat Prime Minister Nguyen Xuan Phuc expressed his hope that Thai businesses would make the most of co-operation and investment opportunities in Viet Nam, especially in the context of Viet Nam promoting mergers and acquisitions along with the equitisation of State-owned enterprises (SOEs). He made the remarks while addressing the “Viet Nam – Thailand Economic Co-operation Forum” held in Bangkok on Friday. PM Phuc was attending the event as part of his three-day visit to Thailand from August 17-19 at the invitation of Thai Prime Minister Prayut Chan-o-cha. The forum, hosted by the Thai Business Association in Viet Nam, Thailand’s Kasikornbank (KBank) in co-operation with the Ministry of Planning and Investment of Viet Nam and the Vietnamese Embassy in Thailand, featured some 500 firms from both Thailand and Viet Nam. Phuc said Viet Nam was stepping up merger and acquisition (M&A) activities in combination with equitisation of State enterprises in transport, infrastructure, food, agriculture, telecommunication, trade, services, tourism and construction. The Vietnamese Government leader invited Thai businesses to become shareholders of Viet Nam’s State-owned groups and corporations. According to the PM, since the two countries established a strategic partnership in 2013, co-operation between Viet Nam and Thailand has flourished, with bilateral trade turnover increasing from US$5.78 billion in 2009 to $12.5 billion in 2016. Thailand now has…... [read more]

Siam Cement Group (SCG) has signed a Memorandum of Understanding (MoUs) with PetroVietnam, aiming to reinforce the development of Long Son petrochemical complex (LSP) in the southern province of Ba Ria-Vung Tau. The signing ceremony was organised in the framework of Prime Minister Nguyen Xuan Phuc’s visit to Thailand At the signing ceremony, another MoU was signed between SCG chemicals and PetroVietnam’s subsidiaries on exploring new opportunities together with a potential collaboration in petrochemical business in the future. Positioned as Vietnam’s first petrochemicals complex, LSP will be an important supplier for the manufacturing industry, which will support Vietnam’s industrial and economic development. The construction of the $5.4-billion Long Son petrochemical complex will resume before the end of this year. It will be installed with advanced technology, meeting environmental protection requirements and ensuring the production of high-quality products, such as PP and PE. The project will create about 15,000-20,000 jobs during its construction and over 1,000 jobs when put into commercial operation. The total olefins capacity is up to 1.6 million tonnes per year. The highlight of this project is the LSP technology featuring proven processes from leading world-class licensors. SCG, one of the leading conglomerates in the ASEAN region, comprises of three core businesses: SCG Cement-Building Materials, SCG Chemicals, and SCG Packaging. With more than 200 companies under its umbrella and approximately 57,000 employees, SCG creates and distributes innovative products and services that…... [read more]

Prime Minister Nguyễn Xuân Phúc expressed his hope that Thai businesses would make the most of co-operation and investment opportunities in Việt Nam, especially in the context of Việt Nam promoting mergers and acquisitions along with the equitisation of State-owned enterprises (SOEs). Prime Minister Nguyễn Xuân Phúc addresses the “Việt Nam – Thailand Economic Cooperation Forum” held in Bangkok on Friday. - VNA Photo He made the remarks while addressing the “Việt Nam – Thailand Economic Co-operation Forum” held in Bangkok on Friday. PM Phúc was attending the event as part of his three-day visit to Thailand from August 17-19 at the invitation of Thai Prime Minister Prayut Chan-o-cha. The forum, hosted by the Thai Business Association in Việt Nam, Thailand’s Kasikornbank (KBank) in co-operation with the Ministry of Planning and Investment of Việt Nam and the Vietnamese Embassy in Thailand, featured some 500 firms from both Thailand and Việt Nam. Phúc said Việt Nam was stepping up merger and acquisition (M&A) activities in combination with equitisation of State enterprises in transport, infrastructure, food, agriculture, telecommunication, trade, services, tourism and construction. The Vietnamese Government leader invited Thai businesses to become shareholders of Việt Nam’s State-owned groups and corporations. According to the PM, since the two countries established a strategic partnership in 2013, co-operation between Việt Nam and Thailand has flourished, with bilateral trade turnover increasing from US$5.78 billion in 2009 to $12.5 billion…... [read more]

Hyundai Engineering Co., Ltd. announced that it has won a contract worth $320 million to build facilities at Long Son petrochemical complex in the southern province of Ba Ria-Vung Tau, taking the project closer to implementation. Hyundai Engineering's project will bring Long Son petrochemical closer to fruition According to newswire Oilandgasvision, under the deal, the builder will construct infrastructure, such as supportive boilers and water treatment facilities, to produce steam and industrial water for the complex. Industrial water and steam produced at the water treatment facilities and supportive boilers will be supplied to the petrochemical complex according to need. It is the core project to help plants at the complex to operate smoothly. It is not the first project of Hyundai Engineering in Vietnam. Previously, Hyundai Engineering took part in designing Mong Duong coal-fired thermal power plant in the northern province of Quang Ninh. It was the company’s second turnkey power plant construction contract won in Vietnam after the project to expand a thermal power complex in the southern province of Ba Ria-Vung Tau in 1999. Regarding Long Son petrochemical complex, the project now has a total investment capital sum of $5.4 billion, up 20 per cent from its initial plan of $4.5 billion, due to rising construction costs. About 30 per cent of the total investment will be used for the development of a deep sea port and other facilities to support the…... [read more]

SCG reports the operating results for the first half of the year, showing similar profit year-on-year due to good performance from the first quarter. RELATED CONTENTS: SCG gunning for increased market share after takeover PM asks Thailand’s SCG group to expand investment in Vietnam Long Son petrochemical complex settles last issues before implementation Siam Cement Group acquires construction material company in central Vietnam SCG now sole foreign investor in Long Son refinery Vina Kraft Paper fires up second production line in Vietnam SCG inspires kids to become “little green citizens” SCG not giving up Vietnam cement plan despite oversupply SCG reveals that investment strategies for a sustainable ASEAN are going according to plan, with approval for the first petrochemical complex in Vietnam with world-class technology. Moreover, the company made significant headway with innovation with the recent success in connecting collaborations from research institutions, science and technology entrepreneurs, and startups worldwide. This emphasises SCG’s dedication to innovative products and services and faster achieving market and consumer needs. Roongrote Rangsiyopash, president and CEO of SCG, disclosed the company’s unreviewed operating results for the second quarter, with registered revenue from sales of VND72.55 trillion ($3.173 billion), remaining flat year-on-year. In consequence, profit for the period reached VND8.835 trillion ($386 million), a decrease of 17…... [read more]

Construction of $4.5 billion Long Son petrochemical complex in the southern province of Ba Ria-Vung Tau will resume before the end of this year, following the recent restructing of shareholders in the joint venture company. Illustration photo According to newswire Bangkok Post, SCG now owns 71 per cent through its wholly-owned subsidiaries Vina SCG Chemicals Co., Ltd. (SCG Chemical) and Thai Plastic and Chemicals in the joint venture, while Vietnam's oil and gas group PetroVietnam holds the remaining 29 per cent. The move marks big progress on the much-anticipated Long Son petrochemical complex. Accordingly, the construction is expected to re-start this year and come into operation in the first half of 2022. Earlier in March, SCG completed the purchase of a 25-per cent stake in the project from Qatar Petroleum International (QPI), its ex-partner in the project. The project now has a total investment capital sum of $5.4 billion, up 20 per cent from its initial plan of $4.5 billion due to rising construction costs. About 30 per cent of the total investment will be used for the development of a deep sea port and other facilities to support the petrochemical plant. It will be installed with advanced technology, meeting environmental protection requirements and ensuring the production of high-quality products, such as PP and PE. The project will create about 15,000-20,000 jobs during its construction and over 1,000 jobs when put into commercial…... [read more]

Construction of the Long Son Petrochemicals (LSP) complex in southern Ba Ria Vung Tau province is scheduled to take four and half years and commercial operations will begin in the first half of 2022, Mr. Roongrote Rangsiyopash, President and CEO of SCG, told a meeting releasing the company’s unaudited operating results for the second quarter and first half of 2017, in Bangkok on July 26. “SCG has recently approved investment in the first petrochemicals complex in Vietnam, Long Son Petrochemicals, with a 71 per cent stake and investment of $5.4 billion, with the Vietnam Oil and Gas Group (PetroVietnam),” he said. The project consists of state-of-the-art technology to support Vietnam in reducing imports and meeting demand. “Production accommodates a flexible feedstock with an Olefin production capacity of 1.6 million tons per year,” he said. He committed that SCG will continue to expand its business in ASEAN. In Vietnam, SCG’s second quarter revenue from sales totaled $289 million, including sales from both operations in the country and imports from the Thai operations. This represents an increase of 17 per cent year-on-year, mainly from the packaging business. In the first half, SCG’s operations in Vietnam recorded revenue from sales of $532 million, a 17 per cent increase year-on-year. Revenue from the sales of high value added products and services was $2.486 billion, up 5 per cent from the previous year, and accounting for 38 per cent of total revenue from sales. It recently unveiled its “Open Innovation Center”, which enhances science…... [read more]

The President and CEO of GE Oil & Gas, Claudi Santiago said that the MOU outlines the principles and basis of long-term collaboration between GE Oil & Gas and PetroVietnam regarding the supply of advanced oil and gas equipment, services and spare parts to optimize the total life-cycle value of key oil and gas projects. It creates a framework to improve future transactions based on standardized contractual terms, conditions and manufacturing slot reservations, and provides for potential future cooperation on new oil and gas technologies, technical support on projects and advanced skills development and training. GE Oil & Gas has a strong local presence in Hanoi and Ho Chi Minh City for turbo machinery and drilling and production equipment and services support respectively. The group provides advanced technology equipment and services to several high-profile projects in Vietnam such as the BP Pipeline, Dung Quat Refinery, Phu My Refinery, Ca Mau Fertilizer and Vietsovpetro. The MOU will enable GE Oil & Gas to more effectively partner on other potential large-scale projects with PetroVietnam, including PetroVietnam's Nghi Son Refinery, Long Son Refinery, Chevron Block B Off-Shore development and the Long Son Petrochem Complex.... [read more]

He made the pledge at the Vietnam–Qatar economic cooperation forum in Doha, capital of Qatar on December 14, adding that Qatar is diversifying its economy so as to ease over-reliance on oil and gas. Qatar has poured US$4.5 billion into the Long Son petrochemical complex and raised its stakes in property projects in Vietnam. Two-way trade currently focuses on petroleum and gas, with Vietnam shipping wood and farm produce to Qatar, the minister said. Deputy Prime Minister Nguyen Xuan Phuc briefed the Qatari business community of Vietnam’s political and socio-economic situation, saying that the country is speeding up economic restructuring and shifting growth model, partly by fine-tuning legal regulations, including the law on public investment, corporate law and a decree on public-private partnership. Vietnam will equitise over 430 State firms, including groups and corporations between now and late 2015. With the ASEAN Community taking shaping late next year, Vietnam is not only a key gateway of the Greater Sub-Mekong region but also a bridge linking up ASEAN economies together, he said. Together with the World Trade Organisation commitments and 14 free trade agreements in force, Vietnam will form a key part of a wide-ranging economic network covering 55 nations and create an environment conducive to foreign firms operating in the nation, Phuc added. Several Qatari businesses expressed their interest in buying rice, cashew nuts, and pepper, or in real estate ventures in Vietnam. At the end of the forum, the Vietnam and Qatar Chambers of Commerce and Industry signed a…... [read more]




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