On July 20, 2022, Nghi Son Refinery and Petrochemical LLC (NSRP) in Nghi Son Economic Zone, Thanh Hoa Province, successfully loaded two shipments of gasoline and middle distillate to the Nghi Son Refinery Distribution Branch of the Vietnam Oil and Gas Group (PVNDB) in accordance with the off-take agreement signed between the two sides since 2013.
|NSRP achieved the milestone of supplying 20 million metric tons of petroleum products to the Vietnamese market|
This event has marked a significant milestone for the company’s supplying 20 million metric tons of petroleum products to the Vietnamese market since the first shipment to PVNDB in October 2018, which is equivalent to the national annual consumption demand of 20.5 to 21 million metric tons.
The fuel product supply from Nghi Son Refinery towards the Vietnamese national demand is currently 35 per cent, contributing to the overall proportion of domestic production at about 65 -70 per cent. The remaining 30 per cent of the domestic market relies on the import of finished petroleum products from surrounding countries such as Singapore, South Korea and China.
According to the statistic of the Ministry of Industry and Trade, domestic petroleum consumption has been growing at a rapid pace from 16.3 million metric tons in 2010 to 20.5 million metric tons in 2021, while the supply coverage ratio through imports has been sharply decreasing from about 71 per cent in 2010 to 34 per cent in 2021.
Mr So Hasegawa, General Director of NSRP, said: “We are very proud of this significant achievement and, on behalf of NSRP, I would like to convey my sincerest gratitude to all our stakeholders, such as the sponsors, the relevant authorities, our employees and commercial partners, for their continuous support on us.
"In the context of the 'new normal' after such a prolonged and complex period of the COVID-19 pandemic that has been negatively affecting the international and domestic oil and gas market, this remarkable success of NSRP has strongly reaffirmed the product quality and asserted our positive impact on the national energy security and economic development.”
NSRP is 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 Nghi Son Refinery and Petrochemical complex (the Refinery).
With a total investment capital 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 the country's key national projects and one of the most sophisticated refineries operating in Asia today.