Qatar Petroleum to invest in Vietnam Plant

QPI to invest in Vietnam plant
HH the Emir Sheikh Hamad bin Khalifa al-Thani with Vietnamese President Truong Tan in Hanoi yesterday. The Emir arrived in Hanoi for a two-day state visit to Vietnam after concluding a trip to Sri Lanka. A red -carpet welcome was accorded to the Emir at the Presidential Palace

Qatar Petroleum International (QPI) will pick up a 25% stake in the $4bn Long Son petrochemical project in Vietnam, a senior executive of the southeast Asian country’s state oil and gas group Petrovietnam said yesterday.
“We will establish a joint venture to build the complex,” Do Van Hau, Petrovietnam chief executive officer said after signing an investment agreement with QPI officials.
Detailed work on the joint venture will start next month, the Hanoi-based group’s sources said.
The complex will be Vietnam’s first fully integrated petrochemical project, consisting of upstream, intermediate and downstream plants, QPI said in a separate statement.
The venture is made up of Petrovietnam, Vietnam’s Vinachem, SCG chemicals and Thai Plastics and Chemicals, it said.
The announcement came during a visit to Vietnam of HH the Emir Sheikh Hamad bin Khalifa al-Thani.
Long Son refinery, part of project, 120km southeast of Ho Chi Minh City, would use Middle Eastern crude oil, Petrovietnam has said.
HH the Emir and Vietnamese President Truong Tan Sang reviewed joint co-operation and ways to cement them in several fields during  official talks at the Presidential Palace in Hanoi yesterday afternoon.
The Emir and President Sang later witnessed the signing of a set of agreements and memorandums of understanding  between the two countries.
Last night, HH the Emir attended a dinner banquet hosted by President Sang. At the banquet’s beginning, the president said the timing of the Emir’s visit would help boost the level of relationship between Vietnam and Qatar.  Reuters


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