[Courtesy of Samsung Engineering]
SEOUL -- South Korea's Samsung Engineering secured orders worth a total of 615.3 billion won ($550 million) to build two plants in a petrochemical complex in Vietnam's Long Son Island.
In a regulatory filing Thursday, Samsung Engineering said it has received a 338.3 billion won order from Long Son Petrochemical, a subsidiary of Thailand's Siam Cement group, to build a plant capable of producing 450,000 tons of high-density polyethylene (HDPE) per year in the Long Son complex.
In a separate order worth 277 billion won, the South Korean company will build a plant that can produce 400,000 tons of polypropylene (PP) per year in the complex.
SK E&C and other South Korean companies have been involved in various projects in the complex in the southern province of Ba Ria-Vung Tau.
Vietnam Investment Review (VIR) reported earlier that the complex has a total investment capital sum of $5.4 billion, up 20 percent from its initial plan of $4.5 billion due to rising construction costs. About 30 percent of the total investment will be used for the development of a deep sea port and other facilities to support the petrochemical plant, it said.
Once completed, it will be one of the largest of its kind in Vietnam, with a production capacity of 1.6 million tonnes of olefins per year, according to VIR.
reporter
Lim Chang-won
cwlim34@ajunews.com
