SCG Chemicals (SET:SCC)
SCG Chemicals is the petrochemicals arm of Siam Cement Group (SET:SCC), one of ASEAN's largest olefins and polyolefins producers. Operates flagship Map Ta Phut petrochemical complex (Thailand) plus Long Son Petrochemical (Vietnam, commissioned 2024) and PT Chandra Asri Petrochemical (Indonesia equity stake). Targets HDPE, LLDPE, PP commodity polymers plus specialty engineering plastics. Competes with PTT Global Chemical (SET:PTTGC), Indorama Ventures (SET:IVL), and Star Petroleum Refining (SET:SPRC) in the Thai petrochemical tier.
Profile overview
SCG Chemicals is the petrochemicals arm of Siam Cement Group (SET:SCC), one of ASEAN's largest olefins and polyolefins producers. Operates flagship Map Ta Phut petrochemical complex (Thailand) plus Long Son Petrochemical (Vietnam, commissioned 2024) and PT Chandra Asri Petrochemical (Indonesia equity stake). Targets HDPE, LLDPE, PP commodity polymers plus specialty engineering plastics. Competes with PTT Global Chemical (SET:PTTGC), Indorama Ventures (SET:IVL), and Star Petroleum Refining (SET:SPRC) in the Thai petrochemical tier.
Business segments
Olefins
Ethylene / Propylene Complex
Map Ta Phut olefins cracker with ~1.5M tonnes/yr ethylene capacity. Feeds downstream HDPE, LLDPE, PP polymer plants. Long Son (Vietnam) adds ~1.5M t/yr additional integrated capacity commissioned 2024, targeting ASEAN-Southeast Asia polymer demand growth.
Polyolefins
HDPE, LLDPE, PP
Produces commodity and specialty polymer grades sold domestically and across ASEAN export markets. FY2024 polyolefin revenue ~ $2.32B. Specialty grades (automotive, medical) command 15-20% premium over commodity HDPE pricing.
Regional Growth
Vietnam and Indonesia
Long Son Petrochemical (Vietnam, 100% subsidiary) and PT Chandra Asri (Indonesia, ~30% equity stake) provide ASEAN production diversification. Combined regional capacity targeting 3M+ tonnes/yr olefins by 2025.
Thai petrochemical majors — capacity comparison
| Company | Ticker | Ethylene capacity | Downstream focus |
|---|---|---|---|
| SCG Chemicals | SET:SCC | ~1.5M t/yr | HDPE, LLDPE, PP, specialty |
| PTT Global Chemical | SET:PTTGC | ~1.7M t/yr | PET, PE, aromatics, EO |
| Indorama Ventures | SET:IVL | N/A (PET) | PET resin, fibre, packaging |
| IRPC | SET:IRPC | ~0.4M t/yr | Propylene, ABS, polystyrene |
Watchpoints 2025-2026
Margin Cycle
Polymer Spread Compression
Global olefin-polymer spreads compressed 2023-2024 as Chinese petrochemical capacity surge suppressed HDPE-ethylene margins. SCG Chemicals break-even vs. commodity pricing is a key watch into 2025 capacity-utilisation cycle.
Vietnam Ramp
Long Son Cash-Flow Timing
Long Son Petrochemical required ~USD 5.4B capex; debt service is meaningful at current spread levels. Ramp-up to design capacity and Vietnam polymer demand absorption are critical 2025-2026 execution risks.
Circular
Plastics Circularity Mandate
EU Packaging Regulation and Thai Extended Producer Responsibility scheme create demand for recycled-content and bio-based polymers. SCG Chemicals' specialty and circular product roadmap is a strategic differentiator over 2026-2028.
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SCG's petrochemicals arm; ASEAN-leading olefins / polyolefins producer; Map Ta Phut, Vietnam, Indonesia plants.
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Sits alongside 5 other Atlas profiles