Thai investors Asked to Apply Green Technologies in USD-5-billion Oil Refining Project in Vietnam

The oil refining and petrochemical project in Vietnam should use the most advanced, green and clean technologies for the project, while assisting Vietnam in improving its governance capacity and attracting green financial resources, said the Vietnam's Prime Minister.

This is one of the key projects in the oil and gas sector with a total investment of more than USD 5 billion.

At the reception. Photo: VGP

Receiving Thailand’s Siam Cement Group (SCG) Chairman and CEO Roongrote Rangsiyopash and Amata Vietnam CEO Somhatai Panichewa in Hanoi on Feb. 16, PM Pham Minh Chinh was delighted at the growing strategic partnership between Vietnam and Thailand across all fields, especially economy, trade and investment.

Thailand has been among the top 10 trade and investment partners of Vietnam for many years, VNA quoted the Thai businessman.

The Government leader thanked the Thai side as well as SCG and Amata for cooperating with and supporting Vietnam in Covid-19 prevention and control.

He said that in 2021, when Vietnam did not have enough vaccines and treatment drugs for local residents with limited understanding of SARS-CoV-2 variants, the country was forced to use large-scale restriction measures to prevent the spreading of the virus, affecting socio-economic activities.

However, the Vietnamese Government designed various measures to support and remove difficulties facing businesses and minimize negative impacts on production and business activities as well as supply chains, he noted.

PM Chinh said that Vietnam is confident to reopen with flexible and safe adaption to and effective control of the pandemic, leading to fast and sustainable recovery.

He lauded the SCG’s efforts to speed up the southern oil refining and petrochemical project in the Long Son industrial park of the southern province of Ba Ria-Vung Tau.

Long Son petrochemical project, located in Long Son Petrochemical Industrial Park in Vung Tau city, is a key petrol and oil project of the Vietnamese government. Licensed in 2008, Long Son is the third petrochemical complex in Vietnam after Dung Quat oil refinery and Nghi Son oil refinery and petrochemical complex.

He suggested the SCG coordinate with Vietnamese ministries, sectors and localities to ensure that the project is put into operation as scheduled in a safe and effective manner, helping Vietnam reduce the import of petroleum products, ensure supply to local industries, and become one of the exporters of petrochemical products.

Vietnam's Prime Minister and Thailand’s Siam Cement Group (SCG) Chairman and CEO Roongrote Rangsiyopash. Photo: VGP

He said the SCG should use the most advanced, green, and clean technologies for the project while assisting Vietnam in improving its governance capacity and attracting green financial resources, Nhan Dan reported.

At the same time, he suggested the SCG and Amata invest in the Long Son oil and gas industrial park and Long Son Power Centre, while continuing expanding business activities in Vietnam in more sectors, and considering investment in high-tech parks in Vietnam, contributing to encouraging more foreign investors, including those from Thailand, to Vietnam.

Roongrote Rangsiyopash and Somhatai Panichewa spoke highly of the effective directions and management of the Vietnamese Government, which they said helped balance the goals of ensuring people’s health and promoting economic development.

Thanks to efficient support from the Vietnamese side, SCG has promptly overcome difficulties due to the pandemic and continued to develop its projects in the country, said the SCG leader.

Leaders of the two Thai firms briefed the Vietnamese PM on the progress of the southern oil refining and petrochemical project, which is the largest of its kind that the SCG has invested in. Its second phase will be implemented with the most advanced technologies following the direction of the circular economy, they said, giving a number of proposals on the implementation of projects in Vietnam.

Noting down their proposals, PM Chinh pledged that Vietnam will continue to accompany and create optimal conditions for investors in general as well as SCG and Amata in particular to successfully and effectively operate their business in Vietnam.

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