Business

Nghi Son oil refinery helps boost economic development

2013 marked an important milestone for the central province of Thanh Hoa as the construction work started on its Nghi Son Oil Refinery and Petrochemical Complex (NSRP) – the largest-ever in Southeast Asia and also the largest FDI project in Vietnam - with capital topping 9 billion USD.

2013 marked an importantmilestone for the central province of Thanh Hoa as the construction workstarted on its Nghi Son Oil Refinery and Petrochemical Complex(NSRP) – the largest-ever in Southeast Asia and also the largest FDIproject in Vietnam - with capital topping 9 billion USD.

The complex in the Nghi Son Economic Zone in Tinh Gia district is oneof Vietnam’s key projects on national energy security andsocio-economic development strategies. Its investors include the VietnamNational Oil and Gas Group (PVN), Kuwait Petroleum International, andJapan ’s Idemitsu Kosan Co. Ltd and Mitsui Chemicals Inc.

Once commissioned in 2017 as scheduled, the NSRP is expected to refine200,000 barrels of crude oil a day, equivalent to 10 million tonnes ofoil a year.

It will be the second in Vietnam,alongside the Dung Quat oil refinery plant, satisfying two-thirds ofdomestic demand for national industrialisation and modernisation.

The complex has affirmed theprovince’s determination to make a breakthrough in the industrial andsocio-economic development.

It has also reflectedthe locality’s endeavours to improve the investment environment, whichwas evidenced by the amount of more than 4.7 billion USD in cooperationagreements signed at a forum to promote investment in the Nghi SonEconomic Zone (EZ) and its surrounding areas held in the province inOctober. The forum coincided with the ground-breaking ceremony of thecomplex.

With the NSRP complex, Thanh Hoa provinceis expected to become a more attractive destination for both domesticand foreign investors.-VNA

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