At the meeting, the two sides focused on discussing the crude oil supply situation for Nghi Son Refinery and Petrochemical Complex (NSRP), solutions to ensure a stable source of input materials, as well as orientations for expanding cooperation in the energy field in the context of continued fluctuations in the world energy market.
Mr. Atsuhiko Hirano expressed his gratitude to Petrovietnam for accompanying and actively supporting in ensuring crude oil sources for NSRP recently. In the context of the global energy supply chain being heavily impacted, Petrovietnam and its partners have proactively deployed solutions to diversify the supply of raw materials for the plant.
Thanks to the close coordination between the parties, along with the support of the Government of Vietnam and the Government of Japan, NSRP has gradually maintained stable operations, increasing operating capacity to 120%, thereby making an important contribution to ensuring petroleum supply for the domestic market.
Within the framework of the visit to Vietnam Nam of the Prime Minister of Japan in May 2026, senior leaders of the two countries discussed the POWERR Asia initiative - a financial support mechanism to arrange capital for crude oil imports, and agreed to promote solutions to enhance the ability to ensure input raw materials for NSRP.
On that basis, Idemitsu Kosan affirmed that it will continue to maintain close coordination with Petrovietnam in arranging crude oil sources, ensuring stable and effective operation of the plant in the coming time.
General Director of Petrovietnam emphasized that in recent times, member units such as PVNDB and PVOIL Singapore have effectively coordinated with Idemitsu Kosan in finding and arranging additional crude oil lots, contributing to maintaining the operation of Nghi Son Refinery and Petrochemical Plant at high capacity.
Established in 2008, Nghi Son Refining and Petrochemical Company Limited is a joint venture between Kuwait Petroleum Company Limited - Europe (KPE), Idemitsu Kosan, Petrovietnam and Mitsui Chemicals.
The project has a total investment of about 9 billion USD, design capacity of about 200,000 barrels/day, equivalent to about 10 million tons/year. Under normal operating conditions, the plant supplies about 40% of domestic petroleum demand, while also producing a lot of lemongrass.petrochemical products serving the regional market.
Besides the petrochemical refining field, Idemitsu Kosan is also participating in oil and gas exploration and exploitation activities in Vietnam, including the Sao Vang - Dai Nguyet gas project, contributing to supplementing gas sources for electricity and industrial production.
Representative of Idemitsu Kosan said that the group will continue to research and implement oil and gas exploration and exploitation activities in Vietnam, contributing to the goal of ensuring long-term energy security, and affirmed its commitment to accompany Petrovietnam in future cooperation projects.
According to Investment Knowledge
