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According to media reports, Hyosung Corporation, South Korean’s conglomerate is seeking for Vietnamese government approval to construct multi-millions petrochemical project in Southern Vietnam.

In its proposal, the company plans to pour in $1.2 billion to build an underground LPG storage, a PDH unit and two PP lines on an area of near to 61 hectare.

The project shall be divided into two major phases. Phase 1 include the construction of the underground LPG storage and a 300,000 tons/year PP line, costing approximate $469 millions. Phase 2 consist of building a PDH plant and number 2 PP line with capacity 300,000 tons/year, accounting for $722 millions.

There is no information at the moment that the company is seeking for any international or local joint venture partner for this project. It also did not specify the project time frame. More details will be updated once it becomes available.