Vietnam’s oil refinery reaches deal to allow stable operations

Vietnam’s Nghi Son Refinery and Petrochemical (NSRP) said on Monday that they would not need a lengthy shut down of the refinery as they had agreed on a short-term funding solution to keep the facility operational.

The company and its stakeholders have agreed on a short-term proposal to improve the company’s immediate funding needs which will help them purchase their stable feedstock of Kuwait crude oil in the 200,000 b/d refinery at Nghi Son.

“Today, NSRP is pleased to officially announce that the short-term proposal has been approved by the Sponsors which will support NSRP in maintaining its operations. Accordingly, we are pleased to announce that a possibly lengthy shutdown will not be required,” NSRP said in a statement.

Nghi Son has a total investment capital of over US$ 9 billion and a processing capacity of 200,000 barrels of Kuwait crude oil per day that is equivalent to 10 million tons per year.

The company did not elaborate on the short-term solution.