HANOI (AFP) — Communist Vietnam has licensed state-run Petrovietnam and Thai industrial conglomerate Siam Cement to build a 3.77-billion-dollar petrochemical complex, state media reported on Monday.
The Long Son Petrochemical Co. Ltd. plant is scheduled to be built in southern Ba Ria-Vung Tau province, east of Ho Chi Minh City, and is set for completion in 2013, the Dau Tu (Investment) newspaper reported.
The license was granted to two units of Siam Cement -- Vina SCG Chemicals and Thai Plastic and Chemicals, which would together own 71 percent -- with Vietnam Oil and Gas Corporation (PetroVietnam) and the Vietnam National Chemical Corp holding the rest, the report said.
The plant will be close to a refinery Vietnam plans to build at Long Son -- its third after the central Dung Quat refinery, which is due to go online next year. A northern Japanese-Kuwaiti refinery is to start operating in 2013.
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