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SP Chemicals backs off from cracker project in Vietnam
26 May '09
1 min read
The official Vietnam News Agency has reported that, the Singapore based SP Chemicals has called off a project to build a US $1.5 billion naphtha cracker project in Vietnam.
The project was originally scheduled for completion in 2014 and no reasons were put forth for cancelling the project.
SP Chemicals had signed an agreement with provincial government of Phu Yen in 2007 for putting up the ethylene manufacturing plant.
It is reported that the provincial government has demanded a compensation of $1.3 million for the investment it has made in acquiring land for the project.
The project was originally scheduled for completion in 2014 and no reasons were put forth for cancelling the project.
SP Chemicals had signed an agreement with provincial government of Phu Yen in 2007 for putting up the ethylene manufacturing plant.
It is reported that the provincial government has demanded a compensation of $1.3 million for the investment it has made in acquiring land for the project.
Fibre2fashion News Desk - India
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