VietNamNet Bridge - A memorandum of understanding (MoU) on building a $1.2 billion petrochemical complex in the southern province of Phu Yen, was signed on March 30, between the provincial People's Committee and Singapore's SP Chemicals Ltd Co.

Covering 300ha in Hoa Tam commune, the complex is scheduled to supply 1.5 million tonnes of petrochemical per year.

The Singaporean firm is expected to be responsible for contributing $3 million for site clearance fees, land compensation and resettlement, said local authorities.

Hoa Tam was the best destination for the establishment of the company's large-scale complex, said general director of SP Chemcials, Chan Hiang Siang, adding that if receiving approval from the Vietnamese Government, the company would put the plant into operation by 2012.

(Source: VNA)