The US$9-billion Nghi Son refinery which is located in Thanh Hoa province, was built to cope with a shortage of refined oil products in Vietnam.
Previously, the operation of Nghi Son refinery was expected to start in the first quarter of 2018, but delayed due to technical problems.
Dung Quat refinery, Vietnam's first oil refinery, currently supplies 30 per cent of the country's total fuel. The thing that Nghi Son refinery with a capacity of 200,000 barrels per day is put into operation will help meet 80 per cent of domestic demand on fuel.
Nghi Son refinery has been delayed several times, but it is expected to start producing commercial products such as paraxylene (petrochemicals) from this April and gasoline A95 and diesel from May 5, PetroVietnam revealed.
Both Kuwait Petroleum International (KPI) and Japan-based Idemitsu Kosan Petroleum have a 35.1 per cent stake in Nghi Son refinery. Meanwhile, the Japan-based Mitsui Chemicals hold a 25.1 per cent stake and a 4.7 stake, respectively.
Earlier, on February 24, Siam Cement Group of Thailand and PetroVietnam kicked off a US$5.4-billion Long Son Petrochemicals (LSP) in Long Son commune, Vung Tau city, Ba Ria – Vung Tau province. LPS project is expected to be completed and put into operation by 2022.