[Thanh Hoa, Vietnam] – [October 11, 2023] – Nghi Son Refinery and Petrochemical LLC (NSRP) today announced that its first Turnaround has been completed on 11 October 2023, 07 days ahead of 55-day planned schedule. The Refinery is resuming its normal operation and shall deliver petroleum products to the market from 12 October 2023.

The success of the first Turnaround can be delivered thanks to the strong support of local authorities and community and the remarkable effort and contribution of employees of NSRP and its contractors as well as partnership across its international and Vietnamese partners.

Vietnam is a rapidly growing economy, and its energy demand is expected to continue to increase in the coming years. NSRP’s planned operation resumption will reinforce the growing energy demand in Vietnam. The refinery produces various petroleum products, including gasoline, diesel, and jet fuel that are essential for transportation, industry, and power generation.

NSRP is a joint venture between Vietnam’s state-owned oil and gas company, Vietnam Oil and Gas Group (PVN), and a consortium of international companies, including Kuwait Petroleum Europe B.V., Idemitsu Kosan and Mitsui Chemicals. NSRP is committed to ensure long-term and stable energy security in Vietnam.

Amidst global crude oil scarcity, NSRP is working with Kuwait Petroleum Corporation (KPC) to secure additional supply to support the operation resumption. The successful turnaround, which has just been completed as scheduled, will enable the operation resumption to be achieved at the refinery.

“We are pleased to announce that we have successfully and safely conducted the first Turnaround ahead of planned schedule. As of 11 October, the Refinery has completed the start-up of all key processing units and is ready to provide the domestic market with petroleum products from 12 October. This is a significant investment in Vietnam’s energy future. It showcases our strong commitment to delivering the first Turnaround on time and budget by working closely with relevant stakeholders in compliance with the agreed terms.” – Mr. So Hasegawa, NSRP’s General Director (GD) said.

The increase in available financial capacity sits alongside ongoing and urgent discussions across all parties including regarding all sponsors’ continuous support. It  will ensure that NSRP can continue to play a significant role in contributing to the sustainable socio-economic development of the local community, Thanh Hoa and Vietnam. A set of key agreements which set the basis of NSRP’s continuity lies with the Sponsors, all of which require to be extended before the end of November 2023.

Mr. So Hasegawa also shared “Working in partnership with PVN and the PVN’s Nghi Son Refinery Distribution Branch (PVNDB), NSRP envisions and has a pathway to a sustainable and prosperous commercial future. NSRP’s core mission is to play a leading role in the long-term supply of energy to support Vietnam’s continued growth. We are grateful for all partners’ efforts in making this future attainable.”

NSRP has assured its corporate governance and made significant progress on transformation initiatives, delivering about US$100 million in benefits since 2021. The company expects to achieve approximately US$150 million in annual accumulated benefits from these initiatives in the upcoming years.

The NSRP’s successful completion of the first Turnaround will generate significant benefits for Vietnam. It will help to meet the growing demand for energy in Vietnam, which is essential for boosting national economic growth and ensuring energy security. Stable operations of NSRP in the long run will also directly and indirectly create new job opportunities, supporting local business and economic development, thereby contributing more to the local community.