The fully-integrated complex, located on Long Son Island will have an annual capacity to produce 1.4 million tons olefins using ethane, propane and naphtha as feedstock.
It will consist of storage facilities, port, jetty, power plant and other utilities, and most of these downstream petrochemical products would be consumed by the domestic market in Vietnam.
Siam Cement said commercial operations are expected to start within four years.
Full details of the firm’s investment in the project will be finalized in 2013.
Siam Cement will hold a 28% stake in the project, while its unit, Thai Plastics and Chemical, will hold another 18%.
The remaining stakes will be held by QPI Vietnam, a subsidiary of Qatar Petroleum International, Petrovietnam and Vinachem.
