NSRP celebrates a remarkable year of achievements and milestones in 2023

[Thanh Hoa, Vietnam] – [December 29, 2023] – Nghi Son Refinery and Petrochemical LLC. (NSRP) is thrilled to announce the exceptional achievements and significant milestones of the Company in 2023. With great pride, we would like to share these momentous successes with our valued customers, business partners and stakeholders.

Through unwavering dedication and relentless efforts, NSRP have achieved several key milestones that have solidified our position as the leading company in the oil and gas sector. We have successfully and safely completed the first ever Turnaround within 47 days and nights, which is 07 days ahead of the 55-day plan.  After the success of this Turnaround, we have been able to increase the refinery’s production capacity up to 117%. Accordingly, this year, the Company have produced a total of nearly 7,6 million tons of products of all kinds, thereby successfully achieving the preset production plan for the first time.

Moreover, the implementation of restructuring activities has brought NSRP many positive and effective results, helping enhance the spirit of solidarity and active, enthusiastic work of all employees, thereby contributing to high efficiency and productivity at work. This was clearly demonstrated during the first Turnaround of the refinery recently. Thanks to that, the quality and output of the Company’s products have been improved, helping NSRP achieve significant revenue in 2023.

“We are pleased to announce that in year 2023, NSRP have achieved a noteworthy net revenue of about US$6,4 billion and contributing approximately US$820 million to the State budget. The Company have also assured the corporate governance and made significant progress on transformation initiatives, delivering about US$31 million in benefits in 2021 and 2022; about approximately US$118 million for year 2023 and we expect to deliver additional US$50 million in annual in the upcoming years.” – Mr. So Hasegawa, NSRP’s General Director (GD) said.

In addition, NSRP has achieved commendable results in safety. Significant strides have been made in safeguarding lives and preventing accidents. The Company have achieved over 14-million-man-hours without Loss Time Injury (LTI), of which over 7,3-million-man-hours of LTI-free are meet in 2023 including those of NSRP and the contractors.

As we reflect on the significant milestones and achievements of 2023, we extend our gratitude to our dedicated employees, valued partners and supportive stakeholders who have been an integral to our success. Such accomplishments cannot be achieved without the endless effort and contribution of NSRP employees and the contractors, the strong support of the Thanh Hoa provincial authorities, local authorities, and community, as well as the valuable partnership across our international and Vietnamese partners.

The afore-said remarkable successes of NSRP will undoubtedly generate significant benefits for Vietnam. Stable operations of NSRP refinery and sustainable development of the Company will help create new job opportunities, supporting local business and economic growth, thereby contributing more to the local community. It will also help provide stable supply of petroleum products to meet the growing demand for energy in Vietnam, which is essential for boosting national economic growth and ensuring energy security of the country.

Looking ahead, NSRP remains committed to excellence, innovation, and customer satisfaction. With a clear mission of Safety, Stability, Reliability and Step-by-step Optimization in all aspects of the Company’s operations and steadfast determination, we are excited to embrace the opportunities and challenges that lie ahead, confident in our ability to shape the future of the oil and gas industry and continue delivering exceptional values to our stakeholders.

About NSRP

NSRP is a joint venture company established in April 2008, sponsored by Vietnam Oil & Gas Group (PVN) from Vietnam, Kuwait Petroleum Europe (KPE) from Kuwait, Idemitsu Kosan Co., Ltd (IKC) and Mitsui Chemicals Inc (MCI) from Japan.

With a total investment 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