Siam Cement to hold 71% stake in joint petrochem deal with Petrovietnam, VNCC

Long Son Petrochemical Co Ltd-a company jointly formed by Petrovietnam, Vietnam National Chemical Corp, Siam Cement's Vina SCG Chemicals and its 44.7% owned Thai Plastic and Chemicals TPC.BK-has been issued a licence by Vietnamese government to set up a US$3.77 bln petrochemical complex in the southern province of Ba Ria-Vung Tau slated to be realized by Q2 of 2013. Siam Cement subsidiaries will hold 71% stake in the complex while the remaining 29% will go the Vietnamese firms. This project planned to be completed in six phases, will serve as a strong base for Vietnam's plastics and petrochemicals industry. The complex is the third such major plant to be constructed in Vietnam. Other such key refineries are been set up at Dung Quat and Nghi Son. Petrovietnam is speeding up construction of its 140,000 bpd Dung Quat refinery start operation in February 2009. The Nghi Son-based refinery worth US$6 bln is also under construction by Petrovietnam group and Japanese refiner Idemitsu and Kuwait Petroleum International and has capacity of 200,000 bpd.
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