12 million tonnes. That's how much crude Nghi Son Refinery and Petrochemical LLC processed in 2025, and the company's recent sourcing pivot has kept a large share of Vietnam's fuel market insulated from early-2026 shocks. NSRP says it secured enough oil to keep the plant running through the end of May after arranging alternative feedstock when the Strait of Hormuz closed in March, and it processed its first batch of non-Kuwaiti crude in January 2026. The refinery supplies roughly 35-40 percent of Vietnam's domestic petroleum demand, so its ability to source crude and maintain high run rates matters directly for households, transport operators and industry.
The read is simple. By securing feedstock and weighing higher run rates, Nghi Son Refinery and Petrochemical LLC kept a large share of Vietnam's fuel market insulated from early-2026 supply shocks. Processing about 12 million tonnes of crude in 2025, the plant has positioned itself as the primary domestic fuel supplier, meeting an estimated 35-40 percent of national refined-fuel demand.
Operational response and feedstock diversification
NSRP says the refinery ran into a supply test when the Strait of Hormuz closed in March, causing a temporary disruption to deliveries. The company reports it "successfully arranged alternative feedstock" and processed its first batch of non-Kuwaiti crude oil in January 2026. That pivot broadened feedstock sources beyond the refinery's traditional reliance on Kuwaiti grades, and it was central to keeping operations uninterrupted through the end of May.
The arrangement for alternative cargoes followed prior operational commitments. In late 2025 NSRP signalled it would run at full capacity in the October-December period to ensure stable product flows to the market. The company has continued to stress feedstock diversification and higher run rates in public statements in early 2026 as the means to shield the domestic market from international transport and price volatility.
Operational resilience mattered in concrete ways. NSRP handled approximately 45 cargoes during 2025 and reported it processed crude cargoes that together met a large share of national refined-fuel needs. Management also flagged safety performance, recording more than 24 million man-hours without a Lost Time Injury in 2025.
Scale, finances and local commitments
The refinery's design capacity is about 200,000 barrels per day, a scale that helps explain its oversized role in the domestic market. Together with the country's other main domestic refinery, the two plants meet roughly 70 percent of Vietnam's refined fuel needs.
That concentration means decisions at Nghi Son have direct consequences for fuel availability and price transmission at home.
NSRP closed 2025 with estimated revenue of VNĐ188 trillion, equivalent to about US$7.2 billion, and it contributed more than VNĐ23 trillion to the state budget, the company reported. Those figures underline the joint venture's fiscal weight as well as its operational importance.
Ownership of the joint venture remains split among a cluster of regional energy players. Japan's Idemitsu Kosan holds 35.1 percent, Kuwait Petroleum holds 35.1 percent, state oil firm Petrovietnam holds 25.1 percent, and Mitsui Chemicals holds 4.7 percent. Management told investors that keeping high run rates is a priority after NSRP executed a six-month Energy Saving and ESG Campaign that began in September 2025.
The company also outlined local social spending. NSRP said it spent about VNĐ14.6 billion on community projects in 2025 and has allocated roughly VNĐ300 billion since 2014 to programmes in Nghi Son and Thanh Hóa Province. For a facility that supplies more than a third of domestic fuel, those local investments form part of its operating licence in practice.
Households, transport operators and industrial buyers depend on steady flows from the plant. When international shipping bottlenecks appear, the refinery's ability to swap feedstocks and maintain run rates narrows the pathway from global crude prices to local pump prices. NSRP has emphasised feedstock diversification and higher run rates as the core of that resilience.
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NSRP said it will continue to pursue additional crude and feedstock sourcing to enable higher run rates and greater flexibility in 2026.
This article was created with AI assistance.
