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Qatar Petroleum International in deal for $4.5bn venture wit
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[China, Shanghai Published:2013-01-11]


Qatar Petroleum International in deal for $4.5bn venture with Vietnam

Qatar Petroleum International (QPI) has signed a joint venture agreement with Siam Cement Group (SCG) and its Vietnamese partners in Bangkok to invest in the petrochemicals complex in Long Son Island in southern Vietnam, valued around $4.5 billion.

Qatar International Petroleum Marketing Company Ltd. (Tasweeq) and PV GAS, a subsidiary of Petro Vietnam, signed a long-term feedstock agreement to supply propane and naphtha to the petrochemical complex.

Mohammed Bin Salah Al Sada, minister of energy and industry and chairman of Tasweeq's board, always encouraged Tasweeq to strengthen the business relationship with end-users and to work with QPI in promoting ventures that provide win-win projects for the investors and for Tasweeq as the feedstock supplier.

SCG will hold a 28 percent stake in the project, while TPC will have 18 percent, the Vietnam partners (Petro Vietnam and Vinachem) will have 29 percent, and the Qatari partners (QPI Vietnam) will hold a 25 percent stake.

Construction of the entire petrochemicals complex is expected to take 4-5 years, and will consist of a 1.4 million ton olefins cracker, which is highly flexible feedstock (ethane, propane, and naphtha), and supporting infrastructures such as port and jetty, common utilities, and storage facilities.

Furthermore, the cracker will be fully integrated into a wide array of downstream products, including PE, PP, and PVC related products.

The petrochemicals complex will utilize state-of-the-art technology with health, safety and environment benchmarks of global standards.



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