Covering an area of 30 hectares in Bac Tien Phong Industrial Park of the northern province of Quang Ninh, the Stavian Quang Yen Petrochemical Plant project has an estimated total investment of up to $1.5 billion.

The plant has a production capacity of 600,000 tonnes of polypropylene per year with state-of-the-art copyrighted technologies from Honeywell UOP Company (US) and Basell Poliolefine Italia Company (Italy). This includes propylene production technology from propane using the hydrogen reduction method and polypropylene production technology using Spheripol technology.

The plant will be equipped with a high-tech, automated, and eco-friendly production line imported from EU and G7 countries. In addition, they will apply more advanced solutions to optimise water use in production, ensuring energy savings and reducing greenhouse gas emissions.

In May 2023, the Front End Engineering Design contractor was unveiled for the Stavian Quang Yen Petrochemical Plant project. As Vietnam boasts ample potential for developing petrochemical production, the project is expected to lure more investment in these industries.

Once put into operation, the plant will gradually reduce the import of petrochemical products and input materials for domestic manufacturing industries, laying an important foundation for future investment projects in downstream industry and related industries locally.

For the first eight months of the year, Vietnam imported 1.1 million tonnes of petroleum of all types, worth $992 million and up 36.8 per cent on-year.

The volume of imported petroleum increased sharply in August. The main reason is that large petroleum enterprises increased the import of petroleum products as compensation for the supply shortage, with Nghi Son Refinery temporarily shut down for 55 days for maintenance from August 25.

Stavian Quang Yen Petrochemical JSC is the investor in the Stavian Quang Yen Petrochemical Plant project with the main business of production and trading of petrochemical products.

The company was established by two main shareholders: Stavian Chemical JSC (Stavian Chemical) and Yen Hung Liquid Port JSC (YHLP).