Qatar Petroleum International has signed an agreement to invest in Vietnam's $4 billion Long Son petrochemical project, with Petrovietnam, Vietnam National Chemical Corp or Vinachem, Thailand's SCG Chemicals and Thai Plastics and Chemicals Co, the Middle East company said late Monday.
The agreement is expected to be finalized by end February, a source from Petrovietnam said Tuesday.
The Long Son project, Vietnam's first fully integrated petrochemical project is expected to have a production capacity of 3 million mt/year when it comes onstream in 2014. The project was deferred indefinitely in early 2009 due to financing woes.
Though the release does not state how much Qatar Petroleum will invest, a source close to PetroVietnam said Tuesday that the Middle East company is expected to contribute around 25% of the total cost, which works out to around $1 billion.
