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Thai conglomerate goes ahead with petrochemical plan in VN
Siam Cement Group (SCG), Thailand's largest industrial conglomerate, has decided to proceed with its petrochemical project in Viet Nam, with oil firm Qatar Petroleum International as a new partner, local newspaper reported on November 26.
"Details of the project should be finalised by mid-2010," said SCG President Kan Trakulhoon. "At present, we are evaluating fund-raising sources, which will depend on the project's attractiveness and global financial conditions," he added.
SCG signed a partnership deal with Qatar Petroleum on November 25, according to the Nation daily. They will hold a 71 percent stake in the project which is worth 3.5-4 billion USD. Vietnam 's state oil PetroVietnam and Vietnam National Chemical Corp will together hold the remaining 29 percent.
The project was first unveiled in March 2008, but early this year SCG announced that it would delay its investment for at least two years following the global financial crisis that could affect the funding.
The project is part of SCG's drive to become one of Southeast Asia's leading petrochemical producers. The investment will also cover infrastructure such as ports, a power plant and storage facilities, SCG said in a statement. It is hoped to cash in on Vietnam’s growing economy, where plastic consumption per head is only 25 kg per year compared to 100 kg in Western countries.
VIETNAMPLUS
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