Siam Cement Group (SCG), Thailand's largest industrial conglomerate, has decidedto proceed with its petrochemical project in Viet Nam, with oil firm QatarPetroleum International as a new partner, local newspaper reported on November26.

"Details of the project should be finalised by mid-2010," said SCGPresident Kan Trakulhoon. "At present, we are evaluating fund-raising sources,which will depend on the project's attractiveness and global financialconditions," he added.

SCG signed a partnership deal with QatarPetroleum on November 25, according to the Nation daily. They will hold a 71percent stake in the project which is worth 3.5-4 billion USD. Vietnam 's stateoil PetroVietnam and Vietnam National Chemical Corp will together hold theremaining 29 percent.

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

The project is part of SCG's drive to become one of Southeast Asia 'sleading petrochemical producers. The investment will also cover infrastructuresuch as ports, a power plant and storage facilities, SCG said in a statement. Itis hoped to cash in on Vietnam ’s growing economy, where plastic consumption perhead is only 25 kg per year compared to 100 kg in Western countries./.