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(PetroTimes) – “The overall maintenance of Nghi Son Refinery and Petrochemical Plant was completed on October 11, 7 days ahead of schedule compared to the 55-day plan. The plant is operating again and is expected to sell petroleum products to the market from October 12,” said a representative of Nghi Son Refinery and Petrochemical Company Limited (NSRP).
The success of this overall plant maintenance was achieved thanks to the strong support of the local government and people and the maximum efforts of all NSRP staff, contractors and domestic and foreign partners.
With the strong development of Vietnam’s economy, domestic energy demand is forecast to continue to increase sharply in the coming years. NSRP’s resumption of operations will be a key to strengthening energy supply to meet domestic market demand. Up to now, Nghi Son Refinery and Petrochemical Plant has been contributing many essential energy products, including gasoline, diesel oil and jet fuel, serving the transportation, manufacturing, electricity production and supply sectors, etc.
Nghi Son Refinery and Petrochemical LLC is a joint venture project invested by four large domestic and international corporations, including Vietnam National Oil and Gas Group (PVN), Kuwait Petroleum International (Kuwait), Idemitsu Kosan and Mitsui Chemicals (Japan). One of the top priorities in the Company’s operations is its commitment to ensuring a sustainable and stable energy supply for Vietnam.
In the context of global crude oil shortage, NSRP is coordinating with Kuwait Petroleum Company (KPC) to ensure that the plant has sufficient crude oil supply for the planned operation and production resumption. The successful and timely completion of this general maintenance is also the premise for the plant to restart and operate again, while helping to rapidly increase capacity in the coming time.
“We are pleased to announce that the Nghi Son Refinery and Petrochemical Plant has completed its first general maintenance safely and ahead of schedule. As of October 11, the plant has completed the restart of all major technology workshops and is ready to supply products to the market from October 12. This is a milestone marking an important investment in the future of Vietnam’s energy production and supply. This also demonstrates the Company’s commitment to closely coordinate with its joint venture partners in accordance with the agreed terms, helping to adhere to the progress and budget set for the recent maintenance period.” – Mr. So Hasegawa, General Director of NSRP, said.
The enhancement of NSRP’s financial capacity will continue to be an important and urgent topic that investors will focus on in their discussions on the commitment of all stakeholders to support the Company, to ensure that NSRP can continue to contribute to the strong social and economic development of the locality, Thanh Hoa province and Vietnam. Currently, the key agreements that are the foundation for the continued and stable operation of NSRP in the future are at the discretion of all investors, and these agreements will need to be renewed before the end of November 2023.
Mr. So Hasegawa also shared: “Through the cooperative efforts with Petrovietnam and Nghi Son Refinery and Petrochemical Distribution Branch (PVNDB), NSRP aims to create and open a sustainable and prosperous development path, aiming to achieve more commercial profits in the future. NSRP’s core mission is to continue to fulfill its leading role in providing long-term energy sources and supporting Vietnam’s strong economic development. We are extremely grateful and appreciate the efforts of investors as well as related partners in realizing this goal in the future.”
In addition, NSRP is committed to ensuring and improving corporate governance and has made significant progress in its transformation initiatives, delivering total benefits worth up to US$100 million since 2021. These initiatives will help the Company achieve cumulative annual benefits of approximately US$150 million in the coming years.
The success of the first general maintenance will be the premise for the Company to continue to create more benefits for Vietnam. NSRP will not only help to continue to meet the increasing energy demand of the domestic market, but also contribute to promoting economic growth and ensuring national energy security. NSRP’s stable and sustainable operation in the long term will also play a key role in helping to create many new job opportunities, supporting businesses as well as promoting the growth of the local economy.
Hai Anh (PetroTimes)
