MOSCOW (MRC) -- Stavian Quang Yen Petrochemical Joint Stock Company, Quang Ninh Provincial People’s Committee and Bac Tien Phong Industrial Park Joint Stock Company have just signed a Memorandum of Understanding on Investment Cooperation (MoU) at the Quang Ninh Investment Promotion Conference in 2022, officially kicked off the project of Stavian Quang Yen petrochemical plant, said Vietnam postsen.
The project has an estimated investment capital of up to 1.5 billion USD, with a production scale of 600,000 tons of polypropylene/year. It is known that Polypropylene is an important input material for many manufacturing and manufacturing industries such as household appliances, automobiles, electronics, packaging production, packaging, supplies, medical equipment. … Therefore, when the factory comes into operation, it will attract and motivate investors in the manufacturing sector to invest in the locality later.
To ensure that the petrochemical plant operates safely, efficiently with high reliability and produces the best quality Polypropylene products, the project has selected the most advanced patented technologies in the field of Polypropylene production. currently include PDH technology from Honeywell UOP (USA) and PP technology from LyondellBasell (Italy).
In addition, the project also uses high-quality equipment from EU and G7 countries with a closed, automated, environmentally friendly technological process and reduces greenhouse gas emissions. Stavian Quang Yen Petrochemical Factory was built on an area of ??30ha in Bac Tien Phong Industrial Park, Tien Phong Commune, Quang Yen Town. The plant’s commercial operation is expected to begin in the fourth quarter of 2026.
It is known that the investor of Stavian Quang Yen Petrochemical Factory is Stavian Quang Yen Petrochemical Joint Stock Company, specializing in the production and trading of petrochemical products. The company was established by 2 main shareholders, Stavian Chemical Joint Stock Company (Stavian Chemical) and Yen Hung Liquid Port Joint Stock Company (YHLP).
We remind, Vietnamese petroleum imports rise in six-month period. According to details given by the General Department of Customs, June alone witnessed the country import 717,000 m3 of petroleum with a total value of USD812 million, a decline of 19% in volume and 9% in value over the previous month, said VOV. The department assessed that the Republic of Korea (RoK) was the largest supplier of petroleum to the country in the reviewed period, making up 40% of the total. In addition, the nation imported 1.9 million m3 of petroleum worth US$2 billion, up more than two fold in volume and 3.8 fold in value compared to the same period from last year.