Phu My Plastics & Chemicals Company

The plant is sponsored by the Phu My Plastics & Chemicals Company for a total cost of about $110m. Phu My Plastics & Chemicals is a joint venture company, formed in 1997, specifically to found the PVC plant at Phu My.

However, the project faced a major obstacle when one of the principal partners, Japanese firm Marubeni, who was expected to take a 30% share in the scheme, decided to withdraw from the plant. The ownership structure of the new venture therefore had to be dramatically changed in order to save the project.

"The plant markets its products with the brand name Polyvinas."

Petronas takes 50% of the equity, making the Malaysian firm the dominant partner. It had previously only planned to take 40%. PetroVietnam, which like Petronas is a state-owned oil, gas and chemicals giant, has a 43% share. PetroVietnam has gone through the biggest change as a result of the Marubeni withdrawal, since it had formerly planned to take a share of only 15% share.

The remaining 7% of the equity belongs to Tramatsuco, which had previously intended to have a larger share of 15%. Tramatsuco is the trading arm of the People's Committee of Baria-Vung Tau Province. The plant has a measure of government support since it is likely to act as an agent of import substitution, something which the Vietnamese authorities value.

Despite the withdrawal of Marubeni, the other partners decided to progress with the project and the construction of the plant started in June 2001. In August 2007, Petronas acquired the 43% stake of PetroVietnam in the Phu My plant and now holds a total of 97% interest in the plant.

Datasheet

Datasheet of PHU MY Plastics, Vietnam