In the morning of December 20th, the KPI Board of Directors delegation visited the Refinery in Nghi Sơn, Thanh Hoa and discussed with the NSRP Management Board. The delegation consisted of 10 members, led by Mr. Mohammad R KH Jasem – Chairman of KPC Holdings Aruba (KPI Board of Directors), Ms. Ghada Y A E Alamer – Vice Chairman of KPC Holdings Aruba (KPI Board of Directors), Mr. Shafi T Alajmi – KPI President and CEO, and other 04 members of KPC Holdings Aruba (also members of KPI Board of Directors), and including Mr. Imad Alhadlaq – KPI Executive Vice President Manufacturing cum NSRP MC Chairman.

KPI delegation visiting the Refinery

From NSRP, Mr. So Hasegawa – General Director (GD), Mr. Pham Van Chat – Deputy General Director (DGD), Mr. Ahmad Alsaad – Deputy General Director (DGD), Mr. Le Nguyen Quoc Vinh – General Manager of the Refinery (GMR) and Managers of NSRP divisions and departments attended the meeting with their utmost welcome.

NSRP Management Board welcoming the KPI delegation

At the meeting with the delegation, on behalf of the NSRP Management Board, in his opening speech, Mr. So Hasegawa – NSRP GD conveyed the condolences message to the Kuwaiti people and KPI delegation for the loss of Emir Sheikh Nawaf al-Ahmad al-Jaber al-Sabah. Mr. So Hasegawa then reported briefly the business results of the Company in 2023.

Following GD’s speech, Mr. Vinh – NSRP GMR continued to present about the Refinery, such as the overview , the business strategy and the 2024 business plan. In addition, Mr. Vinh presented the focused issues to enhance reliability of the Refinery through 5 main pillars of initiatives. Last but not least, he proudly presented remarkable results of NSRP’s first Turnaround in various scopes, such as quality, schedule, cost and HSSE, which have promptly contributed the increased production capacity to 117%.

NSRP GMR presenting in the meeting

In the afternoon of December 21st, the KPI Board of Directors subsequently visited the Hanoi Office and had a meeting with the Finance, Commercial, Legal and Transformation teams together with the NSRP Management Board.

KPI delegation visiting the Hanoi Office

On behalf of NSRP Management, Ms. Lê Mai Trang – Finance Manager started reporting to the delegation with the corporate finance structure and the economic contribution of this project to the Vietnamese society. She also presented the key elements of potential solutions for the financial issues of NSRP; long-term financial restructuring, Sponsor loan cost reduction and overall transformation program, all of which will significantly support cash flow and profitability of NSRP.

On behalf of the KPI Board of Directors delegation, Mr. Mohamad thankfully expressed his great respect to the relentless effort of NSRP for successful implementation of the first Turnaround which was safely completed ahead of schedule. He also highly valued NSRP’s tireless efforts for various projects and transformation initiatives relative to improvement in corporate governance, financial restructuring, and company-wide cost optimization.

Even after the visit, Mr. Mohammad R KH Jasem – Chairman of KPC Holdings Aruba (KPI Board of Directors) sent a letter to convey his sincere appreciation and respect to all NSRP employees for their hard work, dedication and contribution to the success of the Company over the past years. He was very grateful for the unwavering commitment of all Employees to excellence, resilience and innovation that played a pivotal role in driving the Company forward and achieving such remarkable results. He also sent his best wishes of a Happy New Year filled with success, joy, health and prosperity to the NSRP Employees and families