By: ICN Bureau
Last updated : November 19, 2025 8:56 am
Both companies will collaborate closely on sharing market intelligence and exploring trading opportunities for chemical products
Nghi Son Refinery and Petrochemical (NSRP) and PetroVietnam Fertilizer and Chemicals Corporation (PVFCCo – Phú Mỹ) have signed a landmark Memorandum of Understanding (MoU), marking a pivotal step toward advancing Vietnam’s chemical and petrochemical industries. The partnership aims to build an integrated chemical–petrochemical value chain that will play a defining role in shaping the country’s future energy and industrial landscape.
The MoU was signed during a high-level business trip by NSRP and PetroVietnam from November 15–16, 2025, as part of strategic engagements with Kuwait Petroleum Corporation (KPC). The ceremony was attended by senior leaders from PetroVietnam, Kuwait Petroleum International (KPI), Idemitsu Kosan Co., Ltd. (IKC), and NSRP’s Management, highlighting the global relevance and strategic depth of the collaboration.
Speaking at the signing ceremony, Kazutaka Yamato, General Director of NSRP, emphasized the importance of the partnership, stating: “This MoU brings together the strengths of NSRP and PVFCCo to unlock new opportunities in chemical development and downstream petrochemical projects. Signing this agreement in Kuwait—the home of one of our founding sponsors—reflects the enduring spirit of international cooperation that defines NSRP.”
Under the agreement, the two companies will collaborate closely on sharing market intelligence and exploring trading opportunities for chemical products. The partnership will also involve updating feasibility studies for Ammonia (NH₃) and Sulfuric Acid (H₂SO₄) projects in alignment with NSRP’s planned 2027 turnaround. Additionally, both parties will jointly evaluate potential downstream petrochemical investments—including Carbon Black, Lube Oil, Bitumen, and Vinyl Chloride Monomer—through comprehensive technical, commercial, and financial assessments.
The collaboration will further explore opportunities for developing new facilities and infrastructure to support expanded production and business activities. Both companies will leverage shared expertise in operations, maintenance, and production to enhance overall efficiency, reliability, and safety performance.
PVFCCo – Phú Mỹ, a major force in Vietnam’s fertilizer and chemical sector, brings extensive experience in large-scale operations and supply chain management. NSRP, operating a world-class refinery and petrochemical complex valued at over USD 9 billion with a processing capacity of 10 million tons of crude oil annually, remains a key pillar of Vietnam’s energy security. Together, the companies aim to create strong synergies that foster innovation, strengthen the national industrial ecosystem, and support sustainable long-term growth.