Nghi Son Refinery begins commercial operation
08 January 2019
The Nghi Son oil refinery and petrochemical plant in the north central province of Thanh Hoa officially began its commercial operation.
“The commercial operation of the project is significant to the national development in terms of politics, economy, society, security and defence and contributes to ensuring national energy security”, Prime Minister Nguyen Xuan Phuc said at the launching ceremony.
The commercial operation of the plant marks a breakthrough development in the country’s oil refinery-petrochemical sector. Together with the Dung Quat oil refinery in the central province of Quang Ngai, the fuel provided by Nghi Son will meet about 80% of the domestic demand, thus reducing dependence on imports from foreign markets, he added.
The project is a symbol of international cooperation that received special attention and support from the Vietnamese government and its important partners, namely Japan and Kuwait, the PM said.
It is invested by PetroVietnam (25.1%), Kuwait Petroleum International (35.1%), and the Japanese firms Idemitsui Kosan (35.1%) and Mitsui Chemicals (4.7%).
With a total investment capital of nearly USD 9.3bn, the plant is a world-class deep processing petrochemical complex using the most advanced technology with the full capacity of 200,000 barrels of crude oil per day in the first phase.
At present, the plant has successfully produced 10 kinds of petrochemical products. As of December 2018, the plant processed around 5 million tonnes of crude oil and contributed over 8 trillion VND to the State budget.
As planned, when reaching its full capacity, the plant could process 10 million tonnes of crude oil per year, meeting 40% of the domestic fuel market. Nearly 17% of the petrochemical products will be exported to foreign markets.