Unless PetroVietnam contributes sufficient capital to its joint venture project, lenders will not disburse and Nghi Son Refinery and Petrochemicals LLC (NSRP) will default. Nghi Son Refinery and Petrochemicals LLC is the joint venture of PetroVietnam, Idemitsu Kosan, Kuwait Petroleum International, and Mitsui Chemicals In a document sent to the Ministry of Industry and Trade (MoIT), Vietnam National Oil and Gas Group (PetroVietnam) said that the group is facing many obstacles in the process of adjusting total investment and state capital contribution at Nghi Son Refinery and Petrochemicals project. “All the contribution capital parties are pushing PetroVietnam to complete its state capital contribution this July, as following this lenders will disburse the loans as commitments. Without the disbursement of the loans, the project will default,” vnexpress.net quoted a paragraph of the document. The Nghi Son Refinery and Petrochemicals project was approved on … [Read more...] about Nghi Son Refinery and Petrochemicals heading for insolvency
Nsrp
Fuel imports rise in January-June period
Fuel imports rise in January-June periodBy Tam An Vietnam imported more than 7 million tons of fuel in the January-June period - PHOTO: TAM AN HCMC – Vietnam spent more than US$4.66 billion importing over 7.07 million tons of fuel products in the first six months of the year, up by 40.4% in value and 11.5% in volume year-on-year, according to the General Department of Vietnam Customs. The fuel import volume has reached a record high over the last few years, while products of Nghi Son Refinery and Petrochemicals (NSRP) that were turned out during trial operation have been stored in warehouses in the central region. In related news, at a meeting between the Government and localities on July 2, Nguyen Dinh Xung, chairman of Thanh Hoa Province, proposed the Government and the Ministry of Industry and Trade issue policies to reduce fuel imports to help consume fuel products processed at NSRP, according to the news website VnExpress. NSRP will soon start official production. … [Read more...] about Fuel imports rise in January-June period
Nghi Son successfully produces first batch of diesel oil
After successfully producing RON 92 (MOGAS92) and RON95 (MOGAS95) in early May, on May 23, Nghi Son Refinery and Petrochemical LLC in Nghi Son Economic Zone, Thanh Hoa province also successfully produced 5,000 cubic metres of diesel oil (DO) meeting all required specifications and sold it on the domestic market. Turki Alajmi, CEO of Nghi Son Refinery and Petrochemical LLC Turki Alajmi, chief executive officer of Nghi Son Refinery and Petrochemical LLC (NSRP), said “We were very proud when NSRP successfully produced diesel oil. This achievement is attributable to the tremendous support and hard work of all employees of NSRP.” This is a remarkable milestone for NSRP, showcasing its capability to operate the refinery and ensure safe operations and stable production. NSRP is the second refinery in Vietnam with the total investment capital of more than $9 billion and with a capacity of 200,000 barrels of crude oil per day in phase I, equivalent to 10 million tonnes … [Read more...] about Nghi Son successfully produces first batch of diesel oil
Nghi Son Refinery mistimed first batch of RON A92
Nghi Son Refinery launched its RON A92 facility in the midst of the switch to bio-fuel E5 After four years of construction, on May 1, Nghi Son Refinery Co., Ltd. (NSRP) officially launched RFR and produced the first batch of RON A92 petrol. RFR has a capacity of 5,000cu.m of petrol products. RFR is located at Nghi Son Economic Zone in the central province of Thanh Hoa. The project has a total investment capital sum of over $9.3 billion and has a refining capacity of 10 million tonnes of crude oil a year. It 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 (PetroVietnam). The plant is an integrated petrochemical refinery with a capacity of 10 million tonnes per year and utilises the most advanced technology in the world. It will produce LPG, gasoline (RON 92, 95), diesel (high grade, … [Read more...] about Nghi Son Refinery mistimed first batch of RON A92
NSRP releases first commercial petroleum product
Viet Nam News THANH HÓA — Nghi Sơn Refinery and Petrochemical LLC (NSRP) in Nghi Sơn Economic Zone in Thanh Hóa Province launched its first shipment of refined product, GASOLINE RON 92 (MOGAS92), on May 1. Crude oil imported from Kuwait has been successfully processed at the US$9 billion refining complex to make petroleum products, meeting all the technical specifications. The product will serve commercial buyers in the Vietnamese market. Turki Alajmi, CEO of NSRP and member of NSRP Management, was present during the launch. “We are very proud of this significant achievement for NSRP, its sponsors, lenders as well as the Vietnamese Government. It shows that we can achieve great things through hard work, strong cooperation and friendship for mutual benefits,” Alajmi said. “We are grateful to the Vietnamese Government, Vietnamese people and local partners who have provided tremendous support to NSRP to reach this milestone. … [Read more...] about NSRP releases first commercial petroleum product