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29/07/2022

Stavian Quang Yen Petrochemical signs MOU on investment cooperation of petrochemical factory

On July 26, the Quang Ninh Promotion and Investment Assistance Board and the Vietnam Chamber of Commerce and Industry (VCCI) co-organized the Quang Ninh Investment Promotion Conference 2022 – "Convergence and Spread".

The conference was an opportunity to introduce and promote Quang Ninh province's business investment environment, potential and strengths to large financial and industrial corporations in the APEC region and significant FDI enterprises in Vietnam.

At the event, on behalf of the People's Committee of Quang Ninh province, the Economic Zone Authority of Quang Ninh Province participated in signing a Memorandum of Understanding on Investment Cooperation (MoU) with Stavian Quang Yen Petrochemical Joint Stock Company (SQP).

Signing components:

1. Bruno Johan O. Jaspaert - General Director of Deep C Industrial Zone;

2. Hoang Trung Kien - Head of the Economic Zone Authority of Quang Ninh Province;

3. Nguyen Duc Ha - General Director of Stavian Quang Yen Petrochemical Joint Stock Company.

Delegates witnessed:

1. Do Nhat Hoang - Director General of Foreign Investment Department, Ministry of Planning and Investment;

2. Nguyen Tuong Van - Chairman of Quang Ninh People's Committee;

3. Bui Van Khe - Vice Chairman of Quang Ninh People's Committee;

4. Pham Tan Cong - Chairman of VCCI;

5. Nguyen Xuan Ky - Secretary of Quang Ninh Provincial Party Committee.

Stavian Quang Yen Petrochemical Plant will be built on an area of 30 hectares in Bac Tien Phong Industrial Zone at Tien Phong commune, Quang Yen town, Quang Ninh Province.

The project has an estimated total investment of up to 1.5 billion USD with a production scale of 600,000 tons of Polypropylene per year.

 In order to ensure that the petrochemical operates safely, and efficiently with high reliability and produces the finished product Polypropylene with the best quality, the project has selected the most advanced copyright technologies in the field of Polypropylene production today.

This includes technology PDH from Honeywell UOP (USA) and PP technology from LyondellBasell (Italy).

In addition, the project also uses high-quality equipment originating from EU and G7 countries with a closed, automated, environmentally friendly technology process and reduces greenhouse gas emissions.

Mr. Nguyen Duc Ha - General Director of Stavian Quang Yen Petrochemical Joint Stock Company (far right) signed the MoU.

Currently, the Economic Zone Authority of Quang Ninh Province is reviewing and approving the investment registration certificate for Stavian Quang Yen Petrochemical Joint Stock Company. 

It’s estimated that in the period of commercial operation (expected to operate in the fourth Quarter of 2026), Stavian Quang Yen Petrochemical Factory will bring great contributions to the socio-economic development of Quang Ninh, and Vietnam in general.

Polypropylene is an important input material for many manufacturing and manufacturing industries such as household appliances, automobiles, electronics, packaging production, packaging, supplies, and medical equipment.

The operation of the factory will attract and motivate investors in the manufacturing sector to invest locally.

Stavian Quang Yen Petrochemical Joint Stock Company is the investor in the Stavian Quang Yen Petrochemical Plant Project with the main field of activity including the production and trading of petrochemical products. The company was established by two main shareholders: Stavian Chemical Joint Stock Company (Stavian Chemical) and Yen Hung Liquid Port Joint Stock Company (YHLP).

Source: Vietnam News