On August 20, Long Son Petrochemical Company Limited (LSP - headquartered in Long Son commune, Ho Chi Minh City) restarted the operation of the entire integrated petrochemical complex, after a long period of suspension of production, in the context of many market challenges.
Mr. Kulachet Dharachandra - General Director of LSP - said that in the second half of 2025, the petrochemical market will still have many fluctuations and competitive pressures. However, the decrease in crude oil prices has helped improve the profit margin between products and raw materials, opening up opportunities to restart the complex and affirming operational readiness. This also helps LSP maintain connections with customers and the supply chain.
LSP is always committed to focusing on safe and efficient operations, supporting human resources and cooperating closely with stakeholders; continuing to be steadfast in its goal of contributing to industrial autonomy and sustainable economic growth in Vietnam.
Previously, due to many reasons, LSP temporarily suspended production from November 1, 2024; then conducted additional investment in the LSP Renovation project (LSPE) to increase input ethane gas raw materials to save costs.
The additional investment process of the LSPE project also created more than 1,000 jobs during the construction phase and directly contributed to the economic development in Long Son commune. At the same time, the long-term ethane supply contract will contribute to further tightening the economic and trade relationship between Vietnam and the United States.
The LSPE project has a total investment of 500 million USD under implementation, expected to be completed in 2027. The project is strategic in integrating ethane gas into the existing raw material portfolio including naphtha and propane, aiming to reduce operating costs by more than 30%, reduce greenhouse gas emissions and enhance long-term sustainability. The project includes many main items:
- Imports 1 million tons of ethane per year from the United States.
- Use 5 very large ethane transport ships (VLEC) with a capacity of 50,000 tons per ship to transport ethane.
- Build 2 super cold ethane tanks, each with a capacity of 55,000 tons.
- Upgrading production facilities to use ethane materials up to 70% of input materials, while maintaining flexibility with naphtha and propane materials.
