Nghi Son Refinery and Petrochemical LLC affirms the position and investment attraction

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Recently, the successful sale of the first batch of Jet A1 petroleum products of Nghi Son Refinery and Petrochemical LLC (NSRP) in the domestic market and a series of large projects continued to be invested in Nghi Son Economic Zone once again affirmed the position and attractiveness from this project with record investment value.

Talking about one of the largest investment projects in Vietnam today which is NSRP, there are very less people know that the project has been “started” for 15 years before its groundbreaking and construction implementation. Because, according to the former Secretary of the Provincial Party Committee Mr. Trinh Trong Quyen, in the 1996-2000 period, Thanh Hoa had several times proposed to the Central to plan and call for investment attraction of an oil refinery complex in Nghi Son.

Nghi Son Refinery and Petrochemical LLC affirms the position and investment attraction

When the plan was proposed, many ministries and agencies also thought that it was a distant and unfeasible idea, many people did not support the plan because they thought it had to be a place with deep, busy ports like Hai Phong, Vung Tau etc.… must be able to build a refinery and petrochemical complex. By the end of 1999, the Politburo agreed to plan a refinery complex in Thanh Hoa. Along with the investment promotion of the province, the ministries, the central branches, and the Government, in October 2013, the Nghi Son Refinery and Petrochemical Complex was on groundbreaking.

Accordingly, NSRP is a project with the largest construction scale and the largest total investment in Vietnam so far which is 9 billion USD, with a maximum capacity of 10 million tons of crude oil / year, nearly double of Dung Quat refinery’s capacity.

After one year of commercial operation, NSRP has processed more than 7.1 million tons of crude oil from Kuwait to produce about 4.6 million tons of high-quality petroleum products. It is estimated that the company meets about 33% of Vietnam’s fuel market share in domestic fuel.

News from Nghi Son Refinery Distribution Branch – Vietnam Oil and Gas Group (PVNDB), which has successfully released the first shipment of JET A-1 produced by NSRP into the domestic market to the Petrolimex Aviation Fuel JSC (PA). This is the first sale of Jet A-1 in the domestic market by PVNDB, marking an important milestone in NSRP – PVNDB’s offtake contract.

Since NSRP went into production stability, continuously improving the quality and diversifying petroleum products that partly creating an attraction for international investment in Nghi Son Economic Zone. NSEZ is not only known as the key cement production in the North, the power production center of the North Central region, but also the center of petrochemical refining and seaport services with the highest growth rate in Vietnam.

In the 2016-2020 period, the total value of industrial production – trade and services of NSEZ is estimated at more than VND 390 trillion (reaching 94.2% of the plan). Total export value is estimated at: 3,713 million USD (exceeding the plan by 2.6%). Budget revenue is estimated at VND 51,863 billion (reaching 65.6% of the plan) … NSEZ is also a place to attract many international corporations and enterprises to invest here in the country with 288 projects. domestic investment projects with a total registered investment capital of 130,083 billion VND and 19 foreign investment projects with a total registered investment capital of 12,693 billion USD.

After 15 years of construction and development, with the “seed” is NSEZ, the southern land has really “changed flesh”, rising to become the economic leader of Thanh Hoa province. The poor and ponderous Tinh Gia is now a dynamic Nghi Son district, reaching the urban standard of grade IV. The people’s material and spiritual life is constantly being improved, creating jobs and stable incomes for thousands of workers. Average income per capita by 2020 will reach 48 million VND / year.

It can be seen that if we say NSRP is like the heart of Nghi Son Economic Zone it would be completely worthy, confirming the position of a modern industrial project as well as a strong attraction to billion USD projects from international investors.