Nghi Son Refinery and Petrochemical Company Limited provided information on its production and business activities to the press on October 2nd.
According to information from Nghi Son Refinery and Petrochemical Company Limited (NSRP), despite the global oil market being strongly impacted by geopolitical fluctuations in the Middle East, NSRP has maintained safe and stable production operations since the beginning of the year. The refinery processed 7.3 million tons of crude oil and produced 5.6 million tons of petroleum products in the first eight months, achieving 103% compared to the same period last year.
Not only has NSRP maintained high production levels, but its financial performance has also shown positive improvements. In the first eight months of 2026, estimated revenue reached VND 185,000 billion, contributing approximately VND 18,000 billion to the state budget, and after-tax profit reached nearly VND 14,000 billion. This also marks the first year of positive profit since commercial operation began.
This result was achieved under conditions of highly volatile raw material costs. By the end of August 2026, NSRP's average input crude oil price had increased by approximately 63% compared to the beginning of the year. With current design capacity, each sustainable increase of $10/barrel could result in an increase in crude oil costs of approximately $2.5 million/day.
However, according to NSRP, the refinery's business performance depends primarily on the refining profit margin, rather than being solely affected by crude oil prices. Optimizing input materials, maintaining high capacity, managing costs, and favorable product price movements have contributed to improved business results.
According to Mr. Nguyen Quoc Vinh, the plant director, the unit has proactively implemented a strategy to diversify crude oil supply sources since the end of 2025, gradually reducing dependence on a single raw material source.
Mr. Nguyen Quoc Vinh, Director of Nghi Son Refinery and Petrochemical Plant, provided information on the plant's operational results.
Previously, in January 2026, NSRP successfully processed its first batch of non-Kuwait crude oil, Das Blend, with a scale of approximately 1 million barrels. The oil arrived at Nghi Son port at the end of December 2025, and was safely received and processed according to the plant's operating standards. This is an important milestone, laying the groundwork for expanding the range of input materials.
The first shipment of Das Blend crude oil arrived safely at NSRP port on December 23, 2025.
In August 2016, Nghi Son Refinery and Petrochemical Plant reached the milestone of 30 million safe working hours, with no lost-time accidents, marking nearly five years of maintaining safe, stable, and continuous operation. In September 2026, the refinery safely and successfully received its 300th VLCC (very large crude oil) shipment. |
To date, the refinery has successfully processed 10 types of crude oil in addition to Kuwaiti crude oil. Expanding the raw material sources not only helps the company improve its ability to respond to market fluctuations but also allows it to choose suitable oil sources, optimizing production and business efficiency.
The refinery has successfully processed 10 types of crude oil in addition to Kuwaiti crude oil.
Mr. Kazutaka Yamato, General Director of NSRP, stated: "Going forward, the company will continue to combine long-term supply contracts with spot market oil purchases, while expanding the evaluation and testing of new crude oil grades. This is identified as a long-term strategy to increase resilience to geopolitical risks and enhance competitiveness."
NSRP CEO Kazutaka Yamato discussed the company's long-term operational strategy.
For the time being, NSRP aims to maintain safe, stable, and flexible operations at an average capacity of approximately 125%. According to the plan, total product output in the fourth quarter of this year is expected to reach nearly 3.6 million tons, of which petroleum products will account for nearly 3 million tons.
Expected revenue is approximately VND 97,300 billion, after-tax profit is approximately VND 11,700 billion, and contributions to the state budget are approximately VND 6,900 billion.
NSRP is exploring investment opportunities in olefins, polymers, bitumen, lubricants, and other petrochemical value chains to add value to its products.
Previously, since July 2026, NSRP has been producing RON92-III base gasoline for blending into RON95 E10 gasoline, with a production volume of approximately 250,000 tons/month, equivalent to 90% of the plant's total gasoline production; at the same time, it is researching solutions for carbon capture and utilization of excess CO2 and hydrogen in production.
From its commercial operation in late 2018 until the end of August 2026, the Nghi Son Refinery and Petrochemical Plant processed approximately 78.5 million tons of crude oil, supplying about 52.8 million tons of petroleum products to the domestic market. In 2025 alone, the volume of processed crude oil will reach 11.8 million tons, supplying approximately 8.2 million tons of petroleum products. During the same period, NSRP contributed approximately 147,000 billion VND to the state budget. |
Minh Hang
Source: https://baothanhhoa.vn/nha-may-loc-hoa-dau-nghi-son-san-sang-van-hanh-125-cong-suat-thiet-ke-da-dang-hoa-nguon-cung-voi-10-loai-dau-tho-303992.htm
