Nghi Son Refinery And Petrochemical Limited Liability Company (Vietnam)

Established in 2008, NGHI SON REFINERY AND PETROCHEMICAL LLC specializes in manufacturing petrochemical and refining products. It completed mechanical construction in Apr 2017 and started commercial operation in late 2018.According to the signed agreement, PVN will be the underwriter of NSRP's products. It was once expected that the project would change the face of Vietnam's economy, but now is facing the risk of having to make up for a loss of about VND 3,500 billion/year in the first 10 years and the output quality is not up to standards that have been applied since 2017. After more than four years of commercial production, the cumulative losses have reached nearly VND 89 trillion as of 31 Dec 2022. It is known that PVN is in the negotiation stage with foreign investors on the content of the overall restructuring of NSRP. The subject is a large project, which currently supplies about 35% of the domestic petroleum market share. According to the mass media, in the first 5 months of 2023, the company produced 2.93 million tons of petroleum. From August 25, the subject stopped operating to conduct the first general maintenance of the factory for 55 days.