Vietnam’s Nghi Son Refinery, which is operated by Nghi Son Refinery & Petrochemical Limited Liability Company, a joint venture of Idemitsu Kosan Co.,Ltd., Mitsui Chemicals, Inc., Kuwait Petroleum International Ltd., and PetroVietnam, has begun commercial operation, Idemitsu Kosan recently announced.
Idemitsu Kosan has been involved in Vietnam for more than 30 years since it began exploration activities in the late 1980s. Idemitsu began to study possible participation in the construction of Vietnam’s second oil refinery in the early 2000s, and after the final investment decision in 2013, construction began that year on the new refinery.
Intended to secure stable domestic supplies of petroleum products in Vietnam, the refinery is a highly efficient facility that has the capacity to process 200,000 barrels per day of crude oil as well as to maximize production of high-value-added petroleum products through the use of sophisticated cracking facilities. Its petroleum products will provide a stable supply to meet Vietnam’s booming demand for energy, and its petrochemical products will be sold throughout Asia.
Idemitsu commenced operations at its first refinery, the former Tokuyama Refinery, about 60 years ago. The safe and stable operation of the Nghi Son Refinery will take advantage of the operational technologies and experience that Idemitsu Kosan built up in Japan over the past six decades, the company said.
Idemitsu hopes to contribute to the future progress of the petroleum refining and petrochemical industries in Vietnam, the company said in a statement.
Idemitsu also said it will continue to expand its businesses in the rapidly growing markets of Asia, as petroleum demand in its domestic market continues to shrink.