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$4.5bil Long Son petrochemical complex slated for 2017

Construction is expected to start in the latter half of 2017 for the long-delayed US$4.5 billion project Long Son Petrochemical Complex in Ba Ria – Vung Tau Province.
Roongrote Rangiyopah, president of the Thai SCG group, told a press briefing in HCM City yesterday that the shareholder structure of the project would be finalised by the end of this year.

Financial solutions for project implementation are expected to be worked out in the first half of 2017.

Licensed in 2008, the project, with SCG, Qatar Petroleum International and PetroVietnam as investors, has faced difficulties including the withdrawal of the Qatari partner.

SCG is developing several new projects, including a ceramic tile production in the north and an expansion of the existing craft paper plant in the south. This will boost group assets in Vietnam to more than US$1 billion from the current US$860 million.

“Our future for Vietnam is to develop plans according to our direction, which is focused on sustainable development in all areas, including business operation, products and services and social responsibility projects,” he said.

Rangiyopah took part in the 10thanniversary of the Sharing the Dream Scholarship Program in partnership withTuoi Trenewspaper to support poor students with good performance.

About 360 students received scholarships each worth VNĐ4 million (US$180), increasing the number of beneficiaries to 4,000.

Source: VNS