NSRP planned first major maintenance (Turnaround) will enhance Vietnam’s product security and growth ambitions

[Thanh Hoa, Vietnam] – [July 25, 2023] – Nghi Son Refinery and Petrochemical (NSRP) Company will undergo the first major planned maintenance since commencing its commercial operation, known as a turnaround, from 25 August 2023, scheduled for 55 days. In keeping with best manufacturing practices, the turnaround is being conducted to ensure the refinery’s continued safe and reliable operation and to secure and enhance the output/ production of NSRP over the long term and on a sustainable basis.

NSRP was established to supply petroleum products to the fast-growing domestic Vietnamese economy, support national energy security, as well as to take advantage of the strategic proximity to regional Asian demand centres for the export of select petrochemical products.

NSRP’s contribution to the economy of Vietnam has been and still is significant. Between 2018 – 2021, NSRP contributed over USD 3.3 billion to the Vietnamese economy. In addition, NSRP has saved the Vietnamese economy over USD 260 million by reducing the need for importing from other markets.

Mr. So Hasegawa, NSRP’s General Director (GD), stated ‘Vietnam is a vital link in the global supply chain, and energy helps to power that. NSRP is a viable asset due to its advanced technologies and deep integration into the Vietnamese economy. NSRP is built for the future of Vietnam and its ever-increasing demand for energy. We are confident about the future and are committed to supporting the government, businesses, employees, and the people of Vietnam as they compete on the global stage.’

The economic and societal contribution of NSRP also includes employment and training of over 2,000 Vietnamese employees, paying significant tax revenues to the provincial and national governments, and working with local suppliers and the community.

During the turnaround period, NSRP will continue to support the local community as it always has as part of its social responsibility towards the Vietnamese society. This includes its ongoing support for 1,250 young people through educational scholarships and agricultural training programmes across the province and continuing to work with local businesses.

NSRP is one of Asia’s most sophisticated, advanced, and complex refineries, while the turnaround enables NSRP to deliver even more benefits to the community and economy. NSRP can process up to 200,000 barrels of crude oil per day into refined products and has been designed to be competitive in global downstream markets. It has fully integrated petrochemical processing units including for cleaner grades, which are increasingly important based on local and global demand trends.

Mr. So Hasegawa, NSRP’s General Director (GD), commented further ‘Turnarounds are an important part of our commitment to safety enabling us to continue to provide safe and secure jobs and reliable long-term supply of products to the rapidly growing Vietnamese market. The outcome of the turnaround is that we will be able to provide our products faster to the economy and help ensure the long-term sustainability of supply of energy in Vietnam.’

The technical complexity of NSRP is a key part of its long-term value. NSRP will be able to generate better benefits for Vietnam through its equity owners which include PetroVietnam over its Asian peers, and with the quick completion of the turnaround, operational and commercial effectiveness will improve, despite the challenging economic conditions around the world.

During the turnaround, the refinery’s manufacturing units will be completely shut down. This will result in a temporary suspension of production. However, NSRP has taken early steps to minimize the impact of the turnaround on its customers by limiting to the extent possible the duration of the turnaround without compromising the quality of the maintenance work and working closely and upfront with the relevant authorities to ensure there is no impact on the consumers as a result of this temporary maintenance program.

NSRP is confident that the facility will emerge from the turnaround as a more robust operation and will remain as a reliable supplier to the Vietnamese market continuing to serve the fuel needs of Vietnamese industry and consumers for many years to come.

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

Tel: (+84) 932 356 269