09:17 | 13/12/2019 Companies
In its first year, the Nghi Son Refinery and Petrochemical Limited Liability Company (NSRP) has processed more than 7.1 million tons of crude oil from Kuwait to produce around 4.6 million tons of high-quality petroleum fuel products.
It is estimated that NSRP meets around 33 percent of Vietnam’s growing domestic fuel demand, significantly reducing the nation’s reliance on foreign petroleum imports and providing a secure supply of energy for the Vietnamese economy.
Since it began commercial operation, NSRP has contributed over VND 11.66 trillion to the State budget up to November 2019 and made significant positive social and economic contributions to the Thanh Hoa province through job creation, skills transfer and Strategic Social Investments within affected local communities in areas including health, education and small business incubation.
With a total investment capital of over US$9 billion, the Refinery is the largest Foreign Direct Investment and infrastructure construction project in Vietnam and a vital piece of the nation’s energy infrastructure using the largest project financing in Southeast Asia since the Asian currency crisis. The Refinery is owned by NSRP, a joint venture company established in April 2008, with Vietnam Oil and Gas Group (PVN), Kuwait Petroleum Europe B.V. (KPE), Idemitsu Kosan Co., Ltd. (IKC) and Mitsui Chemicals Inc. (MCI) as its sponsors, to develop, construct and operate the Refinery.
The Refinery recently celebrated the one-year anniversary of the start of the commercial operation of its refinery located at the Nghi Son Economic Zone in the Tinh Gia District, Thanh Hoa Province, Vietnam.
“NSRP has come a long way since its inception, so this anniversary marking one year of commercial operation represents a major achievement for Vietnam, the people of the Thanh Hoa province and for all of those involved in the financing, development, construction and commercial operation of the facility. NSRP is performing as a world-class refinery and petrochemical complex that Vietnam can be proud of and I am confident that it will continue to make a meaningful contribution to the country’s social and economic development for many years to come,” said Dr. Atsushi Yamamoto, General Director of NSRP.
The NSRP Refinery is a result of successful international co-operation between Vietnam, Kuwait and Japan and highlights the benefits responsible, ethical and long-term foreign investment can bring to Vietnam.
“At NSRP, we are committed to being a responsible corporate citizen and aim to deliver a positive social and economic impact to local communities in the Thanh Hoa province. We currently employee more than 1000 people, the majority of whom are from Thanh Hoa Province, and seek to play an active and positive role in the communities surrounding the Refinery,” added Dr. Yamamoto.