STAVIAN QUANG YEN PETROCHEMICAL SIGNED MEMORANDUM OF UNDERSTANDING ON INVESTMENT COOPERATION OF PROJECT STAVIAN QUANG YEN PETROCHEMICAL FACTORY

Business 26/07/2022 2,029

 

Quang Ninh, July 26, 2022 – Stavian Quang Yen Petrochemical Joint Stock Company, Quang Ninh Provincial People's Committee, and Bac Tien Phong Industrial Zone Joint Stock Company signed a Memorandum of Understanding on Investment Cooperation (MoU) at the Quang Ninh Investment Promotion Conference 2022,  officially launched the Project Stavian Quang Yen Petrochemical factory.

On the afternoon of 26/07/2022, 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 the business investment environment, potential, and strengths of Quang Ninh province 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. Mr. Bruno Johan O. Jaspaert - General Director of Deep C Industrial Zone;

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

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

 

Delegates witnessed:

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

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

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

4. Mr. Pham Tan Cong - Chairman of VCCI;

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

 

Stavian Quang Yen Petrochemical Plant was 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.  To ensure that the petrochemical operates safely, 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 including 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.

 

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 4th Quarter of 2026), Stavian Quang Yen Petrochemical Factory would bring great contributions to the socio-economic development of Quang Ninh province in particular and Vietnam in general.  Especially, as 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.