Vietnam completes US$9 billion oil refinery partly invested by Japan, Kuwait
Kicked off in 2013, Nghi Son Oil Refinery meets roughly 80% of domestic demand for petroleum, reducing independence on imports.
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Vietnam on December 23 celebrated the completion of a US$9-billion oil refinery which is invested by Vietnam, Japan, and Kuwait, the biggest-ever project in the Southeast Asian country.
The Nghi Son Oil Refinery is 25% owned by Vietnam National Oil and Gas Group (PetroVietnam), 35.1% by Japan’s major oil wholesaler Idemitsu Kosan, 31.5% by Kuwait Petroleum International (KPI), and 4.7% by Japanese Mitsui Chemicals, Inc.
The completion ceremony was attended by Vietnamese Prime Minister Nguyen Xuan Phuc.
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| Prime Minister Nguyen Xuan Phuc attends the event. (Photo: VGP) |
The refinery, the second of its kind in Vietnam with full-fledged operation in October, has a daily production capacity of 200,000 barrels.
Kicked off in 2013, Nghi Son together with Dung Quat Oil Refinery in the central province of Quang Ngai provides up to 80%-90% of domestic demand for petroleum, reducing independence on imports and greatly ensuring the national energy security, the PM said.
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| PM Nguyen Xuan Phuc met CEO of KPI Nabeel Bourisli on Dec 23. |
On the same day, the PM met CEO of KPI Nabeel Bourisli, saying that the Vietnamese government will facilitate the operations of the plant. The executive said that the investors are arranging funds to expand the refinery.
Idemitsu Kosan President Shunichi Kito said Vietnam’s demand for oil will grow as the motorization of the country progresses. He said he hopes the refinery will guarantee stable oil supplies amid the rising number of motorbikes and vehicles.
Currently, Vietnam is estimated to have 46 million motorbikes. Experts have claimed that the rising number of vehicles will result in worse air quality index (AQI), mostly in big urban cities.
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(Source: Hanoi Times)
