VHo Chi Minh City, August 5, 2018
VILAF advised Vina SCG Chemicals Co., Ltd. (“VSCG”), its wholly-owned subsidiary of Siam Cement Group, in a sequence of transactions to buy out 25% and 29% of the equity stakes in Long Son Petrochemicals Company Limited (“LSP”) from Qatar Petroleum and PetroVietnam respectively. The chain of transactions was completed in June 2018.
The transactions increased Siam Cement Group’s equity stakes in LSP from 46% to 100%, of which VSCG holds 82% and Thai Plastic and Chemicals Public Co. Ltd holds 18%.
Long Son Petrochemicals project, located in Vung Tau City (100 km from Ho Chi Minh City), is a key petrol and oil project of Vietnam. Long Son is the third petrochemical complex in Viet Nam after Dung Quat oil refinery and Nghi Son oil refinery and petrochemical complex.
Licensed in 2008 with an initial investment capital of $3.7 billion, the project has raised up to $5.4 billion in investment.
From VILAF, Partner Vo Ha Duyen advised VSCG in both transactions with the support of Counsel Trinh Luong Ngoc.