SCG Chemicals seeks new partners for Vietnam petrochemical project as Qatar Petroleum exits

18-Dec-15

SCG Chemicals Co, a subsidiary of Thai industrial conglomerate Siam Cement Group, has been in talks with several foreign businesses for partnership in a US$4.5 bln petrochemical complex in Vietnam, The Bangkok Post reported. SCG holds 46% stake in the project. The company made the move after Qatar Petroleum International, holding a 25% stake in the Long Son project in the southern province of Ba Ria-Vung Tau, announced its exit as part of its restructuring plan in October. The biggest shareholder, SCG Chemicals Co., reportedly met with the Qatar company and another investor state-owned oil and gas group PetroVietnam in September to discuss the transfer of the Qatar stake, but they failed to reach an agreement.