POSCO E&C announced on February 1 that the Korea-based global contractor signed a contract with Vietnam Long Son Petrochemical (LSP), a Vietnamese corporation of the Siam Cement Group, Thailand, for the construction of a wharf facility worth 750 billion won in Ho Chi Minh City, Vietnam.
The project which will build the first petrochemical complex in Vietnam will produce 1 million tons of ethylene and 1.2 million tons of petrochemical products on Long Son Island in Ba Ria-Vung Tau Province about 150 km southeast of Ho Chi Minh City in Vietnam. The project will cost about 5.7 trillion won (US$5.1 billion).
POSCO E&C will carry out work to build 28 petrochemical storage tanks with a total storage capacity of 300,000 tons at the petrochemical complex, raw material transfer pipelines, a quay for raw material products and marine facilities. The builder is aims at completing them in 2022.
This order is more meaningful in that POSCO E&C generated remarkable synergies in one year since POSCO E&C with rich experience in civil engineering work in Vietnam such as the Vung Tau Cai Mep International Port and a port exclusively for the Vung Tau Cold Rolling Mill merged with POSCO Engineering which had technological prowess in the petrochemical plant," POSCO E&C president Han said.