NSRP and PVFCCo seal strategic alliance to drive Vietnam’s chemical and petrochemical future

On November 15, 2025, in Kuwait, Nghi Son Refinery and Petrochemical LLC (NSRP) and PetroVietnam Fertilizer and Chemicals Corporation (PVFCCo – Phú Mỹ) signed a landmark Memorandum of Understanding (MoU), marking a pivotal moment in forging a strategic partnership to advance chemical and petrochemical development. This agreement represents a bold move toward creating an integrated chemical–petrochemical value chain that will redefine the future of Vietnam’s energy and industrial sector. 

NSRP and PVFCCo sign MoU in Kuwait

The signing was held during a high-level business trip by NSRP and PetroVietnam from November 15–16, 2025, as part of strategic engagements with Kuwait Petroleum Corporation (KPC). The ceremony drew the presence of senior leaders from PetroVietnam, Kuwait Petroleum International (KPI), Idemitsu Kosan Co., Ltd (IKC), and NSRP’s Management, underscoring the global significance and strategic depth of this collaboration. 

Speaking at the ceremony, Mr. Kazutaka Yamato, General Director of NSRP, underscored the strategic importance of the agreement: “This MoU brings together the strengths of NSRP and PVFCCo to unlock new opportunities in chemical development and downstream petrochemical projects. Signing this agreement in Kuwait – the home of one of our founding sponsors, reflects the enduring spirit of international cooperation that defines NSRP.” 

Under the MoU, the two companies will work together to share market intelligence and trading opportunities for chemical products, update feasibility studies for Ammonia (NH₃) and Sulfuric Acid (H₂SO₄) projects in line with NSRP’s 2027 turnaround, and assess downstream petrochemical investments such as Carbon Black, Lube Oil, Bitumen, and Vinyl Chloride Monomer through comprehensive technical, commercial, and financial evaluations. The partnership also aims to explore new facilities and support infrastructure to boost production and business activities, while leveraging shared resources and expertise in operations, maintenance, and production to enhance efficiency, reliability, and safety performance. 

PVFCCo – Phú Mỹ, a key player in Vietnam’s fertilizer and chemical industry, brings extensive expertise in large-scale operations and supply chain management. NSRP, with its world-class refinery and petrochemical complex valued at over USD 9 billion and a processing capacity of 10 million tons of crude oil annually, stands as a cornerstone of Vietnam’s energy security. Together, the two companies aim to create powerful synergies that accelerate innovation, strengthen Vietnam’s industrial ecosystem, and drive sustainable growth. 

This MoU is more than a formal agreement, it is a strategic move positioning Vietnam as a competitive force in the regional chemical and petrochemical market. It lays the foundation for future projects that promise mutual benefits, long-term value, and a significant contribution to the nation’s energy and industrial development.