Petrovietnam’s chemical arm, oil refinery joint venture seal deal in Kuwait

Petrovietnam’s chemical arm, oil refinery joint venture seal deal in Kuwait

Under the agreement, PVFCCo – Phú Mỹ and NSRP will jointly explore investment opportunities under a business cooperation contract model in several potential projects, including sulphuric acid, ammonia, and carbon black.

At the signing ceremony of the business deal between PVFCCo – Phú Mỹ and NSRP in Kuwait. — Photo PetroTimes

The Petrovietnam Fertilizer and Chemicals Corporation – JSC (PVFCCo – Phú Mỹ) and the Nghi Sơn Refinery and Petrochemical LLC (NSRP) have signed a cooperation agreement in Kuwait, marking a strategic move in the development of chemical and petrochemical projects.

Under the agreement, PVFCCo – Phú Mỹ and NSRP will jointly explore investment opportunities under a business cooperation contract model in several potential projects, including sulphuric acid, ammonia, and carbon black. The two sides will also share market data, update feasibility studies, and consider infrastructure development for production and business activities. They will strengthen collaboration in operations and maintenance to enhance plant efficiency and safety.

A leader of the Vietnam National Industry – Energy Group (Petrovietnam) stressed that both PVFCCo – Phú Mỹ and NSRP should develop products following a value-chain mindset, maximising each party’s strengths while directly supporting operations at the Nghi Son refinery and petrochemical plant.

This approach, agreed upon by both sides, is seen as a foundation for expanding cooperation in the chemical and petrochemical sectors in the coming years.

According to NSRP General Director Kazutaka Yamato, the agreement will open a new chapter for the plant by leveraging PVFCCo – Phú Mỹ’s expertise, systems and market capabilities.

PVFCCo – Phú Mỹ General Director Phan Công Thành noted that the partnership matches the corporation’s strategy to expand its chemical portfolio, enabling deeper participation in the petrochemical – chemical value chain, particularly within the Nghi Sơn industrial ecosystem.

PVFCCo – Phú Mỹ, a key Petrovietnam subsidiary in its sector, operates the Phú Mỹ fertiliser plant, which has a production capacity of 1.6 million tonnes of fertiliser and chemicals per year. It is pursuing expansion into advanced and green chemicals with high added value.

NSRP, meanwhile, is a joint venture between Petrovietnam and international partners including the Kuwaiti oil and gas storage and shipping company Kuwait Petroleum Europe B. V., Japanese petroleum company Idemitsu Kosan, and Japanese chemical manufacturer Mitsui Chemicals. It owns a refinery and petrochemical complex worth more than US$9 billion, with a processing capacity of 10 million tonnes of crude oil per year. NSRP plays a vital role in ensuring energy security and the supply of refinery and petrochemical products for the Vietnamese market. 

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