Vietnam's Nghi Son refinery secures crude supplies, to run at 125% capacity through end-November
HANOI, Oct 2 (Reuters) - Vietnam's largest oil refinery, Nghi Son Refinery and Petrochemical LLC, known as NSRP, has secured sufficient crude oil, mostly from Kuwait, to operate at 125% of its designed capacity through to the end of November, General Manager Le Nguyen Quoc Vinh said.
The 200,000-barrel-per-day refinery in Thanh Hoa province suffered supply disruptions in March and April due to the Iran war, but has since diversified its supplies, Vinh told Reuters, adding that 75% of the new cargoes will now be sourced from Kuwait.
"We have been running at 125% of designed capacity since July to meet domestic demand for fuels," Vinh said.
NSRP was originally designed to process crude oil only from Kuwait but it can now process 10 types of crude oil, he said. The refinery tried processing WTI crude oil from the US, but Vinh said it was too light and so NSRP has stopped importing it.
Vinh said NSRP, along with Petrovietnam Refining and Petrochemical Corp (BSR.HM), can fully meet Vietnam's demand for jet fuel. He said the suspension of oil product exports in October by Chinese refineries should not impact Vietnam's aviation sector.
Japan's Idemitsu Kosan Co 5019.T and Kuwait Petroleum both hold 35.1% stakes in NSRP, with 25.1% held by Petrovietnam and 4.7% belonging to Mitsui Chemicals Inc 4183.T.
Vietnam’s crude oil imports in the first eight months of this year fell 10.8% from a year earlier to 8.31 million metric tons, according to customs data.
Last year, crude oil imports from Kuwait accounted for 80% of Vietnam's total crude oil imports of over 14 million tons. Shipments from Kuwait in the first eight months of 2026 were just 2.8 million tons, a 64% decline from a year earlier, the data showed.
Crude oil imports from Kuwait fell to zero from April through July this year, the data showed, as Vietnam ramped up imports from other markets such as Oman, the UAE, the US, Iraq, Angola and the Republic of Congo.