Hanoi - Vietnam's state-owned oil and gas group PetroVietnam has signed an agreement with two Thai companies and another local partner to invest some 3.5 billion dollars in a petrochemical complex, a company official said Thursday. PetroVietnam, Vietnam National Chemical Corp, Siam Cement Corp (SCC) and Thai Plastic and Chemical (TPC) signed an agreement to set up the joint venture in Hanoi Wednesday, according to Pham Van Huy, a senior official of PetroVietnam.
"We still have to wait for approval from the government to start the construction of the complex," Huy said.
Another official with PetroVietnam said the parties are still negotiating on the stakes that each party will hold.
The complex will be located on Long Son Island in Ba Ria - Vung Tau province, 120 kilometers east of Ho Chi Minh City, according to Tuoi Tre newspaper.
The newspaper said annual production at the complex will include 1.65 million tons of olefin, 1.45 million tons of polyolefin, 280,000 tons of soda and 730,000 tons of materials for the production of polyvinyl chloride (PVC).
The complex is scheduled to start producing PVC materials in 2011 and to become fully operational in 2013.
