Turnaround has been completed on 11 October 2023, 07 days ahead of 55-day planned schedule.
The 200,000-barrel-per-day refinery successfully and safely conducted the first Turnaround ahead of schedule. As of 11 October, it has completed the start-up of all key processing units and is ready to provide the domestic market with petroleum products from 12 October.
“This is a significant investment in Vietnam’s energy future. It showcases our strong commitment to delivering the first Turnaround on time and budget by working closely with relevant stakeholders in compliance with the agreed terms,” said So Hasegawa, NSRP’s General Director.
The firm said that all of the refinery’s units had been restarted and added that it will improve the plant’s overall operational capacity in the upcoming days.
Vietnam is a rapidly growing economy, and its energy demand is expected to continue to increase in the coming years. NSRP’s planned operation resumption will reinforce the growing energy demand in Vietnam. The refinery produces various petroleum products, including gasoline, diesel, and jet fuel essential for transportation, industry, and power generation.
The refinery is a joint venture between Vietnam’s state-owned oil and gas company, Vietnam Oil and Gas Group (PVN), and a consortium of international companies, including Kuwait Petroleum Europe B.V., Idemitsu Kosan, and Mitsui Chemicals. NSRP is committed to ensuring long-term and stable energy security in Vietnam.
Amidst global crude oil scarcity, NSRP is working with Kuwait Petroleum Corporation (KPC) to secure additional supply to support the operation resumption. The successful turnaround, which has just been completed as scheduled, will enable the operation resumption to be achieved at the refinery.
Nghi Son has assured its corporate governance and made significant progress on transformation initiatives, delivering about $100 million in benefits since 2021. The company expects to achieve approximately $150 million in annual accumulated benefits from these initiatives in the upcoming years.
Vietnam will greatly profit from the refinery’s successful completion of the first Turnaround. It will assist in meeting Vietnam’s rising energy demand, which is necessary for fostering the country’s economic expansion and guaranteeing energy security.
Long-term stability in its operations will provide employment possibilities both directly and indirectly, boost regional business and economic growth, and provide greater benefits to the neighborhood.
