[Hanoi, Vietnam] – On the afternoon of August 15^th 2023, Nghi Son Refinery and Petrochemical Limited Liability Company (NSRP) have signed a Memorandum of Understanding (MoU) with Binh Son Refining and Petrochemical Joint Stock Company (BSR), aiming to improve the efficiency of operations and maintenance of the two largest integrated refineries and petrochemical complexes in Vietnam.

General Director of NSRP Mr. So Hasegawa and CEO of BSR Mr. Bui Ngoc Duong signed the Memorandum of Understanding (MoU) on comprehensive cooperation between the two companies.

Under this MoU, the two parties intend to jointly cooperate in potential areas which include, but not limited to, sharing resources, exchanging expertise, utilizing technical and maintenance services, cooperating in raw material and oil products trading and exploring business development opportunities together.

Since 2013, NSRP and BSR have developed a multifaceted cooperation relationship. Many effective collaboration activities between NSRP and BSR during the construction and operation phases of NSRP refinery were conducted successfully such as providing specialized training for new employees, sharing critical resources (catalysts, chemicals, materials, and spare parts), supplying manpower and supporting laboratory tests.

The MoU signing ceremony between NSRP and BSR has showcased a continuation of the tradition of mutual cooperation for many years, further contributing to strengthening close and effective collaboration in refinery management and operations between the two sides.

Speaking at the signing ceremony, NSRP General Director Mr. So Hasegawa highly appreciated the active and continuous rapport from BSR over the past years. He also trusted that the cooperation between the two parties would continue to be further strengthened in the coming time by signing this MoU and proceeding the joint discussions under the MoU.

As the two largest companies in Vietnam in the production and trading of petroleum products, the long-term and comprehensive cooperation relationship between NSRP and BSR will continue to bring many benefits to the sustainable development of both sides, thereby helping to ensure a stable and proactive supply of petroleum products, meeting the increasing demand for energy in general and petroleum in particular nationwide.

In particular, in the context that the world petroleum market is constantly fluctuating and unpredictable, stabilizing operation, optimizing and improving production and business efficiency is an important requirement and also a big challenge for both companies. Therefore, the signing of this MoU is extremely necessary and useful for both parties.

BSR is the joint stock company, in which Vietnam Oil and Gas Group (“Petrovietnam”), a state-owned group, is the largest shareholder with 92% of total shares. BSR is managing and operating the Dung Quat Refinery in Quang Ngai province of Vietnam. Started its commercial operations in 2009, together with NSRP, both refineries have been supplying approximately 70% to 75% of the domestic demand for refinery products.

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 PR Leader

Administration, Social & Community and Public Relations Department

Email: anh.vh@nsrp.com.vn

Điện thoại liên hệ: (+84) 932 356 269