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The project is worth US$3.5 billion-$4 billion (Bt116 billion-Bt132 billion).

"Details of the project should be finalised in mid-2010. At present, we're evaluating fund-raising sources, which will depend on the project's attractiveness and global financial conditions," said SCG president Kan Trakulhoon.

SCG yesterday signed a partnership deal with Qatar Petroleum. They will hold a joint 71-per-cent stake in the project, while a trading firm, state oil monopoly Petrovietnam and Vietnam National Chemical Corp will together hold the remaining 29 per cent.

The project was first unveiled in March 2008, but early this year SCG announced that it would delay its investment for at least two years following the global financial crisis, which could affect the funding.

SCG also delayed two cement projects, in Indonesia and Cambodia.

The company in August decided to proceed with the petrochemical project due to the improvement in the global economy. The project is part of SCG's drive to become one of Southeast Asia's leading petrochemical producers.

Qatar Petroleum will provide feedstock for the complex, which includes a 1.4-million-tonne olefins cracker that is highly flexible between gas and naphtha feedstock and will be fully integrated into downstream products, SCG said in a statement.

The investment will also cover infrastructure such as shipping ports, a power plant and storage facilities, it said. Further details will be released in the middle of next year.

The project will cash in on the growing economy in Vietnam, where plastic consumption per head is as low as 25 kilogams per year compared to 100kg in Western countries.

SCG has made its presence felt in the country since 1990. It now has six trade representative offices and nine local business units involved in chemicals, paper, ready-mixed concrete, construction materials and trading businesses.