$2 Billion Project in Vietnam: SK E&C Wins Order to Build Vietnam’s Largest Ethylene Plant | BusinessKorea

Sunday, February 25, 2018

Location map of the Long Son Petrochemical Complex in Vietnam.
Location map of the Long Son Petrochemical Complex in Vietnam.
2 February 2018 - 11:00am
Lee Song-hoon

SK E&C announced on February 1 that the builder won an ethylene plant construction project which is the largest of the Long Son Petrochemical Complex project (about 5.78 trillion won) in Vietnam with Technip of France.

The ethylene plant project will cost US$2 billion, and the two company will go 50:50 by taking US$1 billion, respectively. The construction will be implemented in the form of a turnkey system including basic design, detailed design, purchasing, construction and test runs. It will take 53 months to complete the project.

The Long Son Petrochemical Complex is Vietnam’s first petrochemical complex to be built by Long Son Petrochemical Co on Long Son Island in Ba Ria-Vung Tau Province of Vietnam.

Long Son Petrochemical is a Vietnamese corporation of the Siam Cement Group, one of Thailand's largest privately owned companies. The group placed orders for segmented parts of the project -- a polypropylene plant, a polyethylene plant, an ethylene plant which SK E&C will build and other utility facilities.

"The consumption of petrochemical products is rapidly increasing due to rapid industrialization and economic development in Vietnam. However, due to lack of domestic facilities, Vietnam relies heavily on import raw materials and products," an SK E&C official said. “It is expected that the Long Son Complex will significantly raise the proportion of production of petrochemical products in Vietnam as the complex can produce 950,000 tons of ethylene and 400,000 tons of propylene when the complex is completed.”

"We are expecting to reinforce our position in the Vietnam plant market after successively landing large-scale projects following recently completed Nghi Son Refinery Plant," he added.


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