NSRP achieves 15 million safe manhours milestone, boosts domestic market supply with successful delivery of Diesel Oil 10ppm and optimized refinery capacity through corporate governance improvements

[Thanh Hoa, Vietnam] – [March 26, 2024] – Nghi Son Refinery and Petrochemical Limited Liability Company (NSRP) proudly announces the significant accomplishment of surpassing 15 million safe manhours without any lost time injury (LTI) and successful delivery of the first cargo of Diesel Oil 10ppm to the domestic market while maintaining the refinery production capacity of over 100%.

In recent years, NSRP has proactively enhanced its corporate governance framework and embarked on a series of transformation initiatives aimed at ensuring the stability of refinery operations and maximizing long-term benefits for the organization.

Specifically, NSRP has demonstrated exceptional accomplishments in the realm of safety with 15 million safe manhours without LTI, despite the diverse challenges encountered over the past two years of daily operational activities and maintenance works. The company has consistently strengthened regulations and standards to prioritize security and safety, thereby minimizing risks throughout all factory operations. Simultaneously, NSRP remains vigilant in safeguarding and upholding the rights of all employees.

“Our employees and their safety are our top priority” said Mr. So Hasegawa, NSRP General Director (GD). “Reaching the 15 million safe manhours without LTI is a significant milestone that demonstrates our relentless commitment to fostering a culture of safety and promoting best practices throughout our organization. We have also integrated robust safety practices into our governance structure and ensured that safety remains the foremost consideration across all aspects of the company’s operations” – he added.

Furthermore, NSRP has placed consistent emphasis on research and development efforts, aiming to introduce high-quality, environmentally friendly products. On March 15^th, NSRP has successfully delivered the Diesel Oil 10ppm to the domestic market with an ultra-low sulphur content of only 10 parts per million (ppm). This product complies with the strictest emission standards, offering exceptional performance, improved fuel efficiency, and reduced engine maintenance, contributing to a cleaner and greener environment.

In addition, in response to the growing domestic demand for petroleum and the need for future imports while ensuring optimal operational efficiency, NSRP is actively researching techniques to enhance the refinery’s capacity by 15 to 20%.

Mr. So Hasegawa – NSRP GD shared: “We are pleased to meet the rising demand in the domestic market for the Diesel Oil 10ppm product. We have been operating the refinery at over 100% capacity, and the planned increase of 15 to 20% in the refinery’s capacity will further ensure a stable supply of petroleum products, making a valuable contribution to the long-term energy security of the country. NSRP remains committed to researching and enhancing all petroleum products to meet the highest quality standards for the domestic market, while improving production and operational efficiency to maximize benefits for the company”.

To achieve these goals, ensuring safe, stable, and efficient refinery operations, enhancing corporate governance quality, and restructuring governance, as well as fostering the corporate culture, are of utmost priority and concern for NSRP and the Sponsors.

In addition to internal efforts, NSRP looks forward to continued companionship, support, and active engagement from the Government of Vietnam, ministries, central departments, local authorities, Sponsors, and relevant parties in relation to the company’s restructuring initiatives and solutions.

About NSRP

NSRP is a joint venture among Vietnam Oil and Gas Group (PetroVietnam), Kuwait Petroleum Europe (KPE), Idemitsu Kosan (IKC), and Mitsui Chemicals (MCI). It is located in the Nghi Son Economic Zone in Thanh Hoa Province, Vietnam. The refinery has a processing capacity of 200,000 barrels of crude oil per day (equivalent to 10 million tons per year).

NSRP is a major supplier of refined products to the Vietnamese market. It also exports select petrochemical products to other countries in the region. NSRP is committed to providing its customers with a reliable supply of products at competitive prices.

Contacts

Hong Anh Vu (Ms.) – Senior Public Relations Leader

Administration, Social & Community and Public Relations Department

Email: anh.vh@nsrp.com.vn

Mobile phone: (+84) 932 356 269