Siam Cement acquires 100% stake in petrochemical projectSiam Cement Public Company Limited (SCG) signed an agreement with Viet Nam National Oil and Gas Group (PetroVietnam) to acquire the latter’s equity stake in Long Son Petrochemical Co Ltd.After the withdrawal of Vinachem, Qatar Petroleum International and now PetroVietnam, SCG is the sole investor of the project with a 100 per cent equity stake. — Photo hanoitimes.vnUnder the agreement, SCG will acquire 29 per cent stake for more than VND2.05 trillion (US$90 million). Long Son petrochemical project, located in Long Son Petrochemical Industrial Park in Vung Tau City, is a key petrol and oil project of the Vietnamese government. Long Son is the third petrochemical complex in Viet Nam after Dung Quat oil refinery and Nghi Son oil refinery and petrochemical complex. After the withdrawal of Vinachem, Qatar Petroleum International and now PetroVietnam, SCG is the sole investor of the project with a 100 per cent equity stake.

Source: VietNamNet News May 29, 2018 10:07 UTC