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Economic News

Last updated: Friday, March 22, 2019

 

Biggest Oil Refinery Starts Commercial Operation

Posted: Wednesday, December 26, 2018


Prime Minister Nguyen Xuan Phuc recently attended a ceremony to put Nghi Son oil refinery and petrochemical complex into commercial operation, after more than five years of construction.

The US$9 billion plant, located in Thanh Hoa province, has the capacity to process 200,000 barrels of oil a day.

Speaking at the event, Prime Minister Phuc said output of the Nghi Son and Dung Quat refineries will meet around 80-90 per cent of local demand.

The complex is a good symbol of effective international cooperation thanks to special assistance from the Government of Vietnam, Japan and Kuwait as well as great efforts of investors, emphasised the Government chief.
Earlier on May 1, the pilot operation of Nghi Son Petrochemical Refinery (operating at a reduced capacity) was officially launched and produced the first batch of RON A92 petrol.

Besides, on May 23, the plant also successfully produced 5,000 cubic metres of diesel oil meeting all specifications and sold it on the domestic market.

Once operating to its full designed capacity of 10 million tonnes of crude oil, the plant will contribute to decreasing petroleum and diesel imports.

Located at Nghi Son Economic Zone, about 180km South of Hanoi, the project is invested by a consortium of Kuwait International Petrochemical Company (KPI, 35.1 per cent), Idemitsui Kosan (IKC, 35.1 per cent), and Mitsui Chemicals (MCI, 4.7 per cent). The rest is contributed by state-run Vietnam Oil and Gas Group (Petro Viet Nam).

VGP








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