Vinachem to sell stake in $4.5 billion petrochemical project in Vietnam
By VU TRONG KHANH
HANOI -- Vietnam National Chemical Group, or Vinachem, will likely sell its stake of over 11% in the $4.5 billion Long Son petrochemical plant in southern Vietnam to Thai partners in the project, a company official said Tuesday.
"We want to focus on our core business of producing non-oil chemicals and fertilizers," the official, who didn't wish to be names, said.
"It is now at the auditing and evaluating process and I think the sale will likely be completed within this year," the official said, but didn't mention the value of the sale.
Siam Cement PCL, Thai Plastic and Chemicals PCL, Qatar International Petroleum Marketing Co., or Tasweeq, and state-run Vietnam Oil and Gas Group, or PetroVietnam, own stakes in the project.
The non-Thai partners in the project are also interested in buying the stake, the official added, but didn't elaborate.
Vietnamese state media said earlier that the plant in Ba Ria Vung Tau province is scheduled to start commercial production in 2017.
It will produce 1.4 million tpy of products, most of which will be sold in Vietnam.
Dow Jones Newswires
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