Nghi Son Refinery & Petrochemical

What Nghi Son Refinery & Petrochemical does

Nghi Son Refinery and Petrochemical LLC (NSRP) is a Vietnam-based joint venture that operates the country's largest integrated refinery and petrochemical complex, located in the Nghi Son Economic Zone, Thanh Hoa Province, approximately 260 km south of Hanoi. Founded in 2008 with a total investment of US$9 billion, the facility has a nameplate processing capacity of 200,000 barrels per day (10 million tons per year). It is owned by four sponsors — state-owned PetroVietnam, Japan's Idemitsu Kosan, Kuwait Petroleum Europe B.V., and Japan's Mitsui Chemicals — combining domestic strategic backing with international refining and petrochemical expertise. The corporate office is in Hanoi (Lotte Center), while all production occurs at the Thanh Hoa site.

The complex is built around a Residual Fluid Catalytic Cracking (RFCC) unit that converts crude oil into nine commercial products spanning two categories: refined petroleum products (gasoline including RON 95-III and E5 RON 92-II, diesel, kerosene/Jet A1, fuel oil, and sulfur) and petrochemicals (polypropylene, liquefied petroleum gas, paraxylene, and benzene). The integrated configuration allows NSRP to capture margin across both fuel and chemical value chains and provides feedstock flexibility across diversified crude slates. Operational milestones — including 20 million safe manhours achieved in Q1 2025 and the 'Nghi Son Green' 2026 marine environmental initiative — underscore a focus on reliability and ESG positioning.

NSRP's business model is transaction-based B2B sales: refined petroleum products are sold through Vietnam's domestic fuel distribution network with publicly disclosed VND/liter pricing, while petrochemical outputs (polypropylene, fuel oil, polymer-grade propylene) and procurement processes are managed through public tenders on the SAP Ariba platform. Revenue streams therefore comprise (1) refined petroleum product sales, (2) petrochemical product sales, and (3) fuel oil sales — all denominated in transaction fees on physical product volumes. All revenue is generated within a single domestic geography (Vietnam).

Name

Nghi Son Refinery & Petrochemical

Legal name

Nghi Son Refinery and Petrochemical LLC

Website

https://nsrp.vn

Company type

Private

Founded year

2008

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Nghi Son Refinery & Petrochemical (NSRP) operates Vietnam's largest integrated refinery and petrochemical complex — a US$9 billion, 200,000-barrel-per-day facility in Thanh Hoa Province — producing gasoline, diesel, jet fuel, fuel oil, polypropylene, paraxylene, benzene, LPG, and sulfur for the domestic Vietnamese market.

Ownership category

akta.pro rank

Product category

Petroleum Refining and Petrochemicals

NAICS

Petroleum Refineries (32411), Petrochemical Manufacturing (32511), Petroleum and Coal Products Manufacturing (3241)

SIC

Petroleum Refining (2911), Chemicals & Allied Products (2800)

akta.pro primary industry

Conversion Refineries (FCC/Hydrocracking/Coking) (EUALAGAB)

Keywords

• Oil refining
• Petrochemical products
• Crude oil processing
• Polypropylene manufacturing
• Fuel production

Headquarters

HQ city

Hanoi

HQ country

Vietnam

HQ region

Asia

Offices2 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Operations, Infrastructure, Personnel, Technology or R&D, Marketing or Sales

Revenue model

1. Refined Petroleum Products Sales: NSRP generates revenue through manufacturing and selling refined petroleum products including gasoline (RON 95-III, E5 RON 92-II), diesel oil (DO 0,05S-II, Do 0,001s-v), kerosene (KO), and jet fuel (Jet A1). Products are sold domestically in Vietnam with regularly adjusted pricing.
2. Petrochemical Products Sales: Revenue from petrochemical products including polypropylene (PP), parayxlene, benzene, liquefied petroleum gas (LPG), and sulfur. Products sold through tender and direct procurement processes to industrial customers.
3. Fuel Oil Sales: Sales of fuel oil produced from RFCC processing, sold in bulk quantities through procurement notices and tender processes.

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels4 records

Core offering

Nghi Son Refinery and Petrochemical LLC (NSRP) operates an integrated refinery and petrochemical complex that processes crude oil into refined petroleum products (gasoline, diesel, kerosene/Jet A1, fuel oil) and petrochemical products (polypropylene, paraxylene, benzene, LPG, sulfur). The facility has a 200,000 barrels/day (10 million tons/year) processing capacity, supported by Residual Fluid Catalytic Cracking (RFCC) technology.

Product overview

Nghi Son Refinery and Petrochemical LLC (NSRP) operates a major refinery and petrochemical complex with a total investment of US$9 billion located in Nghi Son Economic Zone, Thanh Hoa Province, Vietnam. The facility has a processing capacity of 200,000 barrels per day (10 million tons per year). The company produces a portfolio of refining products including Gasoline, Kerosene & Jet A1, Diesel Oil, Fuel Oil, and Sulfur, alongside petrochemical products including Polypropylene, Liquefied Petroleum Gas (LPG), Paraxylene, and Benzene. The refinery employs RFCC (Residual Fluid Catalytic Cracking) technology for processing operations.

Differentiator

Problem solved

Functional benefit

Products and services

• Polypropylene (PP) An organic compound that is a white, mechanically rugged material with high chemical resistance, sold to industrial customers through tenders and procurement notices.
• Liquefied Petroleum Gas (LPG) A mixture of Propane (C3H8) and Butane (C4H10), sold as a petrochemical/energy product to industrial and commercial buyers.
• Gasoline (RON 95-III, E5 RON 92-II) A complex mixture of volatile, flammable liquid hydrocarbons (heavier fraction than LPG) with typical boiling temperature between 35°C and 210°C, sold to fuel distributors and industrial buyers.
• Kerosene & Jet A1 A flammable liquid hydrocarbon mixture (heavier fraction than gasoline) with typical boiling temperature between 144°C and 300°C, containing carbon chains of 12 to 15 carbon atoms, sold to aviation and industrial buyers.
• Diesel Oil (DO 0,05S-II, Do 0,001s-v) A complex mixture of hydrocarbons (heavier than kerosene) with typical boiling temperature between 175°C and 360°C, sold to fuel distributors and industrial buyers.
• Fuel Oil (FO) A complex mixture of heavy hydrocarbons obtained from the cracking product of atmospheric residue fraction at the RFCC unit, sold in bulk to industrial buyers.
• Paraxylene An aromatic hydrocarbon organic compound with chemical formula C8H10; a colorless and highly flammable liquid with a sweet odor, sold to industrial petrochemical buyers.
• Benzene An aromatic hydrocarbon organic compound with chemical formula C6H6; a colorless and highly flammable liquid with a sweet smell, sold to industrial petrochemical buyers.
• Sulfur A chemical element that is an abundant, tasteless, odorless, multivalent non-metal, solid forming at ambient temperature as a yellow crystalline solid; widely used to manufacture sulfuric acid, sold to industrial buyers.

Quantifiable outcome

• 20 million safe manhours milestone achieved in Q1 2025
• +2 more outcomes

Segments1 record

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration1 record

Feature3 records

Partnerships

Five partnerships are on record, tiered core and minor.

• Idemitsu Kosan Co., Ltd.coreStrategic or Co-development PartnerJapanese petroleum company and major sponsor of NSRP. Idemitsu provides international petroleum industry expertise, technology, and operational knowledge to the joint venture. As a Japanese energy company, contributes refining technology and operational excellence capabilities.
• Kuwait Petroleum Europe B.V.coreStrategic or Co-development PartnerEuropean subsidiary of Kuwait Petroleum Corporation and sponsor of NSRP. Provides access to Middle Eastern crude oil supply, international petroleum market expertise, and European operational standards. Contributes to feedstock sourcing and international market connections.
• Mitsui Chemicals, Inc.coreStrategic or Co-development PartnerJapanese chemical company and sponsor of NSRP. Mitsui Chemicals brings petrochemical industry expertise, technology, and market access for petrochemical products. As a chemical company, likely contributes to the petrochemical production aspects of the integrated refinery-petrochemical complex.
• SAP AribacoreTechnology or IntegrationSAP Ariba is the cloud-based procurement and supply chain management platform used by NSRP for all supplier management, bidding events, and procurement processes. Suppliers must register through the SAP Ariba network to participate in NSRP's sourcing events. NSRP has a dedicated support center for SAP Ariba system queries.
• PetroVietnam Oil Corporation (PVOIL)minorStrategic or Co-development PartnerPVOIL is the data source for NSRP's petroleum pricing information published on the website. This indicates a commercial relationship for price data and potentially distribution coordination within Vietnam's petroleum market.

Scale indicators4 records

Recent moves6 records

Expansion highlights4 records

Emerging players

• Idemitsu Kosan Co., Ltd. Japanese petroleum company and NSRP sponsor with significant refining capacity in Japan and Southeast Asia. Comparable as a refiner-petrochemical operator; partial overlap via JV sponsorship and technology transfer relationship.
• Mitsui Chemicals, Inc. Japanese petrochemical producer and NSRP sponsor with petrochemical technology relevant to polypropylene and aromatics. Comparable in petrochemical product portfolio and as a JV technology partner.

Regional players

• IRPC Public Company Limited: Thailand-based integrated refining and petrochemical company with similar product mix of olefins, aromatics, and petroleum products. Comparable regional player with integrated value chain.
• Pertamina Refinery (PT Kilang Pertamina Internasional): Indonesian state oil company's refining arm, operating multiple refineries. Comparable regional peer serving a large emerging Southeast Asian domestic fuel market with refining and petrochemical integration.
• PTT Public Company Limited (PTTEP/PTT Oil & Retail): Thailand's national energy company with refining and petrochemical operations. Comparable as an integrated regional refining-petrochemical player supplying domestic Thai and Southeast Asian markets.

Broad incumbents

• Reliance Industries Limited (Refining & Petrochemicals): World's largest refining complex at Jamnagar (1.4 million bpd capacity) with integrated petrochemicals. Broader incumbent peer demonstrating the scale ceiling and integrated business model NSRP operates within.
• Kuwait Petroleum Corporation (KPC): Middle East NOC and NSRP sponsor with global refining interests including Europoort and Mina Al-Ahmadi refineries. Comparable as a major integrated refining player and crude supplier to NSRP.
• PetroChina Company Limited (Refining & Chemicals): China's largest oil and gas company with major refining and petrochemical operations across Asia. Comparable as a massive integrated refining-petrochemical incumbent serving emerging Asian markets.

Direct peers

• Formosa Petrochemical Corporation: Taiwan-based integrated refining and petrochemical complex with comparable scale (~540,000 bpd) and similar naphtha cracking / olefin-aromatics product portfolio. Closest peer in operating model and product mix.
• Binh Son Refining and Petrochemical (BSR / Dung Quat Refinery): Vietnam's only other operating refinery, also state-linked, with 130,000 bpd capacity. Most direct peer given same geography, same refining-petrochemical mandate, and same role in Vietnam's domestic fuel supply.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• Facebookfacebook.com/nsrpllc
• LinkedInlinkedin.com/company/nghi-son-refinery-firefighting

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Nghi Son Refinery & Petrochemical