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Press release on the first commercal product of NSRP

On 1st May, 2018, Nghi Son Refinery and Petrochemical LLC (NSRP) in Nghi Son Economic Zone, Thanh Hoa Province, Vietnam successfully released the first shipment of refined products: GASOLINE RON 92 (MOGAS92). Crude oil imported from Kuwait has been successfully processed through the US$9 billion refining complex to make petroleum products, meeting all the required technical specifications and delivered to commercial buyers to serve the demands in the Vietnamese market.

Mr. Turki Al-ajmi, the Chief Executive Officer of NSRP and members of NSRP Management were present to witness NSRP’s first shipment of commercial products. Mr. Turki Alajmi said “we are very proud of this significant achievement for NSRP, Sponsors, Lenders and also the Vietnamese Government. It shows that we can achieve great things through hard work, strong cooperation and friendship for mutual benefits. We are very grateful to the Vietnamese Government, Vietnamese people and local partners who have provided tremendous support for NSRP to reach this milestone. We look forward to contributing strongly to the oil and gas industry and the economy of Vietnam”.

This marks the success of more than four years of investment, financing, construction and commissioning of this mega US$ 9 billion refinery, with very strong joint efforts by many stakeholders. NSRP is the second refinery in Vietnam with a capacity of 200,000 barrels per day (10,000,000 tons per year), with four sponsors being Vietnam Oil and Gas Group (Petrovietnam), Kuwait Petroleum Europe B.V., Idemitsu Kosan Co.,Ltd, and Mitsui Chemicals, Inc who together invested about US$4 billion. The remaining US$5 billion was a loan from a large syndicate of almost 40 international commercial banks led by Japan Bank for International Cooperation (JBIC), Nippon Export and Investment Insurance (NEXI), Export and Import Bank of Korea (KEXIM) and several European export credit agencies (ECAs) from the United Kingdom, France, Italy and Germany, which makes NSRP the largest project finance deal in Vietnam so far. With an international EPC contractor consortium led by JGC Corporation from Japan, construction of NSRP Project started in July 2013 and was completed in April 2017 after hundreds of millions of manhours. Since then, NSRP has been commissioning almost 3,000 systems in the refinery for almost a year with over 1,000 employees, both Vietnamese and international, working full-time on site. World class technology in the refining industry has been applied to operate this very complex refinery. Crude oil was delivered from Kuwait on a number of very large crude carriers (VLCC) arriving for the first time in Vietnam, unloaded at a delivery point 35 kilometres offshore and then transported through a pipeline to the refinery for processing. The products of NSRP will be mainly offtaken by Petrovietnam (petroleum products) and some major international offtakers (petrochemical products).

NSRP is a national important project in the petroleum sector and has received very strong support from the Vietnamese Government as well as the local authority and people of Thanh Hoa Province. The development of NSRP Project and its need for many supporting industries and services has also had a significant positive impact on the economic developments in Thanh Hoa Province and other areas in Vietnam. Many businesses have set up facilities in Thanh Hoa Province to co-operate with NSRP on a long term basis.

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