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The Long Son Petrochemicals Co. Ltd. (LSP) has announced that its Long Son petrochemical complex in the southern province of Ba Ria – Vung Tau is on track to begin commercial operation in the third quarter of 2024.

Part of the Long Son petrochemical complex (Photo: VNA)

Since November 2023, LSP has been conducting comprehensive trial runs across the entire complex, encompassing both the upstream Olefins plant and the three downstream Polyolefin plants.

It is the first fully integrated petrochemical complex in Vietnam, which has been built in Long Son commune of Vung Tau city since February 28, 2018. With a total investment of about 5.4 billion USD, it has a designed capacity of 1.4 million tonnes of olefin resin per year, aimed at producing a variety of petroleum products, including essential raw materials for the plastics industry such as polyethylene, polypropylene and other related products. This initiative is intended to reduce reliance on imported polyolefin products and improve the competitiveness of downstream manufacturers in the domestic market.

The complex boasts a quality workforce of around 1,000 employees, with 80% being Vietnamese. Once put into commercial operation, it will generate stable jobs for 10,000 workers and contribute an estimated 2.5 trillion VND (104.1 million USD) to the State budget annually.

In 2018, Thailand’s Siam Cement Group acquired a 29% stake in the project from the Vietnam Oil and Gas Group (Petrovietnam), ultimately securing full ownership with a 100% stake.