Vietnam National Chemical Group (VinaChem) has successfully exited the $4.5 billion Long Son petrochemical project.
This was done by signing a contract that transferred the company’s 11% stake in this project to the Vietnam National Oil and Gas Group (PVN).
After the transfer, PVN holds 29% ownership in the Long Son Petrochemical complex.
According to Vietnam Investment Review, VinaChem has received 30% of the total payable amount from PVN right after the contract was signed.
Long Son Petrochemical Complex, which was started as a joint venture between The Siam Cement Public Company Limited (SCG), Thailand Plastic Company, Qatar Petroleum, PVN and VinaChem, has a paid up capital up to $4.5 billion.
While the foreign partners hold 71 per cent equity stake, PVN and VinaChem held 18 per cent and 11 per cent equity stake, respectively. This is Vietnam’s third petrochemical complex, after Dung Quat and Nghi Son.