Overview

 


As Vietnam is going through the quickest development phase ever, Nghi Son Refinery and Petrochemical Complex (herein after: NSRP Complex), owned by Nghi Son Refinery and Petrochemical Limited Liability Company (herein after: NSRP), is one of the on-top economic projects that contributes to the nation’s common wealth.

Grabbing the opportunities brought to Vietnam from the opening world, NSRP Project is a joint-venture project sponsored by 4 corporations: Vietnam Oil and Gas Group (PetroVietnam), Kuwait Petroleum Europe B.V. (KPE) from Kuwait, Idemitsu Kosan Co., Ltd and Mitsui Chemical, Inc. from Japan. The Project, a mega refinery and petrochemical complex, is devoted to the energy security of Vietnam, particularly the security of petroleum products. This is strategically important for the Government of Vietnam to meet the growing domestic demand for refined and petrochemical products driven by rapid industrialization and modernization of the country. Operation of the Project will be one of the major steps for the country to achieve self-sufficiency in refined products and secure energy sources. In addition, the Project will be the largest-ever FDI in Vietnam to date and therefore the success of the Project is the key to attract further foreign investments into Vietnam, especially the investors from Japan and Kuwait.

NSRP Complex is located 260km away from Hanoi capital in Nghi Son Economic Zone, Tinh Gia District, Thanh Hoa Province, one of the biggest provinces in Vietnam. Estimated total investment cost of NSRP Project is approximately $9 billion, of which sponsor contribution is about $4 billion. The refinery has capacity to process 200,000 barrels of crude oil imported from Kuwait per day (equivalent to 10 million tons per year). Type of fuel that accounts for biggest portion of products is premium diesel (2,204 kt/year), following by regular diesel (1,470 kt/year), RON 92, RON 95 (1,153 kt/year), LPG, jet fuel and numerous petrochemical products.

The Project's important milestones:

- The Joint Venture Agreement was signed on April 07th, 2008.

- EPC works started on July 22nd, 2013, carried out by a Consortium as EPC Contractor. The Consortium is comprised of JGC Corporation (Japan) as the leader and other members: Chiyoda (Japan), GS E&C (Korea), SK E&C (Korea), Technip France (France) and Technip Geoproduction (Malaysia).

- NSRP achieved mechanical completion of its refinery at the end of April 2017, a landmark milestone for this mega nationally important project. NSRP has now commenced commissioning and start-up activities. 

- NSRP expects to complete the commissioning and start-up activities and commence the commercial operations by the end of December 2017.