The complex was recently put into commercial operations after more than five-year construction with the total investment value at over $9 billion.
In the first stage, it can process 200,000 oil barrels per day which nearly doubles the capacity of Dung Quat Oil Refinery. The output of the plant and Dung Quat refinery will meet 80 – 90 per cent of domestic demand, reducing dependence on imports from foreign markets.
At full designed capacity, it could process ten million tons of crude oil per year, meeting 40 per cent of the local fuel market.
Located at Nghi Son Economic Zone of Thanh Hoa province, the complex is jointly invested by Kuwait International Petrochemical Company contributing 35.1 per cent, Japan’s Idemitsui Kosan (35.1 per cent) and Mitsui Chemicals (4.7 per cent).
The rest of total investment is contributed by Viet Nam Oil and Gas Group (Petro Viet Nam).
The $9 billion – plant is said to have a range of modern technologies that are to be applied for the first time in Vietnam.
Speaking at the commercial operation ceremony of Nghi Son Oil Refinery and Petrochemical Plant, Prime Minister Nguyen Xuan Phuc emphasized that the commercial operation of the project is significant to Vietnam’s development in terms of politics, economy, society, security and defense as well as contributes to ensure national energy security.
On May 1, the pilot operation of the plant was officially launched and produced the first batch of RON A92 petrol.
On May 23, it also successfully produced 5,000 cubic meters of diesel oil and sold it on the domestic market.
By December, about five million tons of crude oil was processed and nearly $345 million of tax was paid, making Thanh Hoa province's total budget revenue to the highest level ever.
Nghi Son oil refinery is regarded to offer its first jet fuel cargo and the export cargo is ready for loading in the first ten days of next month.