This is the first and the only official press release of Nghi Son Refinery and Petrochemical Limited Liability Company (NSRP) with regard to the matter contemplated herein.
NSRP is a joint venture company established in April 2008, with Vietnam Oil and Gas Group (PVN), Kuwait Petroleum Europe. B.V. (KPE), Idemitsu Kosan Co.,Ltd. (IKC) and Mitsui Chemicals Inc. (MCI) as its Sponsors, to develop, construct and operate the Nghi Son Refinery and Petrochemical complex (the Refinery). With a total investment capital of over US$ 9 billion and a processing capacity of 200,000 barrels of Kuwait crude oil per day (equivalent to 10 million tons per year), the Refinery is one of Vietnam’s key national projects and one of the most sophisticated refineries operating in Asia today.
Recently, various newspaper articles have reported that the Refinery will be shut down from mid-February due to NSRP’s financial difficulties. Whilst NSRP reserves its view and position in response to such articles, the Company would like to clarify such articles were made on unauthorized and confidential information with regard to the business and were based on assumptions likely to cause misunderstanding.
NSRP confirms that the Company had indeed sought relevant approvals from the Sponsors on a short term proposal to improve the Company’s immediate funding needs. Today, NSRP is pleased to officially announce that the short term proposal has been approved by the Sponsors which will support NSRP in maintaining its operations. Accordingly, we are pleased to announce that a possibly lengthy shutdown will not be required.
NSRP is committed to playing its key role in supplying the energy needs of the Vietnamese market and will continue to contribute significantly to the economic growth of the country.
NSRP will provide further updates if and when appropriate. Please direct any inquiries to Mr. Pham Xuan Khoa, Public Relations Manager, who shall be the sole authorized spokesperson for NSRP on these matters.
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