Business

Nghi Son Refinery supplies 20 million tonnes of petroleum to domestic market

Nghi Son Refinery and Petrochemicals LLC (NSRP) in the Nghi Son Economic Zone in the central province of Thanh Hoa has successfully loaded two shipments of gasoline and middle distillate to the Vietnam Oil and Gas Group's Nghi Son Refinery Distribution Branch (PVNDB) in accordance with the off-take agreement signed between the two sides since 2013.
Nghi Son Refinery supplies 20 million tonnes of petroleum to domestic market ảnh 1NSRP achieved the milestone of supplying 20 million metric tonnes of petroleum products to the Vietnamese market (Photo: NSRP)
Hanoi (VNA) – Nghi Son Refinery and PetrochemicalsLLC (NSRP) in the Nghi Son Economic Zone in the central province of Thanh Hoa hassuccessfully loaded two shipments of gasoline and middle distillate to the Vietnam Oil and Gas Group's NghiSon Refinery Distribution Branch (PVNDB) inaccordance with the off-take agreement signed between the two sides since 2013.

This event has marked an important milestone of thecompany’s supplying a total of 20 million metric tonnes of petroleum productsto 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 21million metric tonnes.

The fuel product supply from Nghi Son Refinery towards theVietnamese national demand is currently 35%, contributing to the overallproportion of the domestic production at about 65 -70%. The remaining 30% ofthe domestic demand relies on the import of finished petroleum products fromsurrounding countries such as Singapore, the Republic of Korea and China.

According to the statistic of the Ministry of Industry andTrade, the domestic petroleum consumption has been growing at a rapid pace from16.3 million metric tonnes in 2010 to 20.5 million metric tonnes in 2021, whilethe supply coverage ratio through imports has been sharply decreasing fromabout 71% in 2010 to 34% in 2021.

So Hasegawa, General Director of NSRP said: “We are veryproud of this significant achievement and, on behalf of NSRP, I would like toconvey my sincerest gratitude to all our stakeholders, such as the Sponsors,the relevant authorities, our employees and commercial partners, for theircontinuous support on us. In the context of the “new-normal” after such aprolonged and complex period of the COVID-19 pandemic that has been negatively affectingthe international and domestic oil and gas market, this remarkable success ofNSRP has strongly reaffirmed the product quality and asserted our positiveimpact 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 Petrochemicalcomplex.

The construction of NSRP – the second refinery in Vietnam -began in October 2013 and finished in April 2017. Kuwait is the supplier of allcrude oil for the project, whose products include liquefied petroleum gas,gasoline A92 and A95, diesel, kerosene, jet fuel, paraxylene, benzene,polypropylene, and sulphur.

With a total investment capital of over 9 billion USD and aprocessing capacity of 200,000 barrels of Kuwait crude oil per day (equivalentto 10 million tonnes per year), the Refinery is one of Vietnam’s key nationalprojects and one of the most sophisticated refineries operating in Asia today.

Products of the plant are expected to meet 40% of domestic gasoline andoil demand./.
VNA
#Nghi Son Refinery and Petrochemicals LLC (NSRP) #Nghi Son Economic Zone #Vietnam Oil and Gas Group #So Hasegawa #Vietnam #Vietnam news #Vietnam News Agency
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