SP Chemicals receives green light

Singapore’s SP Chemicals has received approval from the Vietnamese government to undertake two potential large petrochemical projects in central Phu Yen province. The Singaporean firm plans to spend US$1.5 billion to build a petrochemical complex in Hoa Tam commune, which is expected to become operational in 2014, local newspaper Vietnam News reported. The complex will produce 800,000 tons of ethylene annually. The firm would also develop a petrochemical industrial park to house other petrochemical projects in the commune, which has been targeted for completion by 2024. “With the in-principle approval, we can now commence on full feasibility studies to assess the suitability and viability of the projects,” said Chan Hian Siang, the company’s chief executive officer. (August 15, 2007)