SCG updates progress in Long Son Petrochemicals Company Limited or LSP which is a joint venture between Vietnam Oil and Gas Group (PetroVietnam) and SCG.
Both companies have signed the Memorandum of Understanding (MOU) at Government House on August 17, 2017 to confirm their cooperation as a partnership for their investment in Long Son Petrochemicals Co., Ltd. (LSP). This MOU signing ceremony was attended by Mr. Nguyen Vu Truong Son, President and CEO of Vietnam Oil and Gas Group (PetroVietnam) and Mr. Roongrote Rangsiyopash, President and CEO of SCG. The signing ceremony was presided over by Vietnam's Prime Minister Nguyen Xuan Phuc and Thai Prime Minister General Prayut Chan-o-cha. There was also MOU signed between SCG chemicals and PetroVietnam’s subsidiaries for agreement on exploring for new opportunities together of potential collaboration in petrochemical business in the future.
Mr. Roongrote Rangsiyopash, President and CEO said it’s been a great honor for SCG to be recognized as a good citizen in Vietnam for more than 20 years. The latest investment in Vietnam is Long Son Petrochemicals Company Limited or LSP. Positioned as Vietnam’s first petrochemicals complex, LSP will produce important supply for manufacturing industry which will support Vietnam’s industry and economic development. This will also be in line with the national development plan that the government has foreseen high potential growth for the past years.
LSP is located in Ba Ria Vung Tau province, just 100 km from Ho Chi Minh City, the main market and economic heartland of Vietnam. The total olefins capacity is up to 1.6 million tons per year. The highlight of this project is the technology of LSP which comprised of proven processes from leading world class licensors. The total project cost of LSP is approximately US$5.4 billion or 122,580 billion VND. The business operation will strictly follow safety standard and environmental friendly. Most of all, LSP places importance on the concern for societies, communities and environment, so the business will coexist and sustainably grow in Vietnam like previous investment in other business. Also, increase hiring opportunity for labor in Vietnam as determined to uplift the quality of life for all stakeholders in ASEAN.