Thailand’s Siam Cement Public Company Limited (SCG) has announced a temporary halt to the commercial operation of its Long Son Petrochemical Complex (LSP) in Vietnam’s Ba Ria-Vung Tau province for additional investment.

The Long Son Petrochemicals, a landmark $5 billion project by SCG Group in Vung Tau, has started its commercial operations, introducing a new era in Vietnam’s petrochemical production.

More than 130 workers used a crane vessel to install the 760-tonne block in accordance with schedule, ensuring safety and the most rational costs despite bad weather conditions caused by typhoon Yagi.

Spot freight rates, time charter rates and secondhand vessel prices are all forecast to increase throughout 2024.

The Petrovietnam Power Corporation (PV Power) has proposed the implementation of the Lam Son Clean Energy Production Complex project, with an investment of nearly 4 billion USD in Ninh Thuan province.

The Vietnam Oil and Gas Group (Petrovietnam) on May 6 announced the discovery of two new oil and gas fields, Rong and Bunga Aster, which coincided with the 70th anniversary of the historic Dien Bien Phu Victory (May 7).

Mitsui of Japan is set to invest roughly JPY84 billion, equal to US$560 million, to develop a gas field in southern Vietnam under a project led by the Vietnam Oil and Gas Group (PetroVietnam), Nikkei Asia has quoted the Japanese trading house.

Oil fields in Vietnam are nearing depletion, causing crude oil output to decrease rapidly in recent years. However, the situation is expected to improve as optimistic signs have appeared.

Five big oil and gas firms have reported huge profits which have exceeded the yearly targets.

Long Son petrochemical complex, which boasts investment capital exceeding US$5 billion, will be put into trial operation from November 2023 in Vung Tau City before churning out commercial products next yea

Given the tightening of crude supplies in the global market, the oil and gas drilling segment is in high demand, boosting the business prospects of upstream service providers.

Greek-flagged Maran Gas Achilles transported nearly 70,000 tonnes of liquefied natural gas (LNG) to the Thi Vai LNG terminal in Cai Mep Industrial Park in Tan Phuoc ward, Phu My town, southern Ba Ria – Vung Tau province, on July 10.

The National Oil and Gas Group of India (ONGC) and Vietnamese firm Hai Duong Maritime Joint Stock Company (HADUCO) on June 20 signed a contract on oil and gas exploration and production in India.

Vietnam imported 3.26 million tonnes of oil and petrol worth around US$2.77 billion during the first four months this year, down 4.8% in volume and 16.3% in value year on year, reported the General Department of Vietnam Customs.

Currently, large investments in oil and gas projects are facing many difficulties. These include exploration and extraction of oil and gas in the upper reaches as well.