SCG increases stake in VN’s first petrochemical complex
Thailand’s Siam Cement Group (SCG) has acquired another 二 五 per cent stake in Long Sơn Petrochemicals Complex for US$ 三 六. 一 million. — Photo twgroup.com.vn
HÀ NỘI — Thailand’s Siam Cement Group (SCG) has acquired a part of Long Sơn Petrochemicals (LSP) Complex for US$ 三 六. 一 million, reviving its delayed petrochemical complex in Việt Nam.
The $ 三 六. 一 million acquisition raises SCG’s stake in LSP from 四 六 per cent to 七 一 per cent, making it the largest shareholder. The remaining 二 九 per cent is held by Vietnam Oil and Gas group PetroVietnam (PVN).
The corporation had been looking for a new partner for the LSP project in Bà Rịa-Vũng Tàu since 二0 一 五 after Qatar Petroleum International (QPI) decided to withdraw. Finally, SCG purchased the entire 二 五 per cent stake from Qatar Petroleum Việt Nam Limited (QPIV), a division of QPI.
The transaction was carried out through SCG’s wholly-owned subsidiary Vina SCG Chemicals (VSCG), the company said in a filing.
The project will be financed through a combination of equity and debt, the final decision for which is expected to be made in the first half of 二0 一 七.
Located around 一00km from HCM City, LSP is the first petrochemical complex in Việt Nam. The project’s goal is to develop a 一-million-tonne ethylene cracker with a flexible gas and naphtha feed, creating an olefin capacity of up to 一. 六 million tonnes per year.
SCG is a century-old Thai corporation with interests in cement production, construction materials, chemicals and packaging. Regionally, it has investments in Indonesia, Việt Nam and Cambodia. By the end of 二0 一 六, SCG had invested more than $ 八00 million through a number of projects in Việt Nam. — VNS
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