HCMC – Prime Minister Pham Minh Chinh said during his recent visit to Nghi Son Refinery in Thanh Hoa Province that the facility’s operations should be restructured.
The visit was part of his plan to inspect key investment projects in the Nghi Son Economic Zone on November 11, reported the Government’s news site at baochinhphu.vn.
During the meeting with the management of the refinery, the PM stressed the need for close coordination between stakeholders and the Vietnam National Oil and Gas Group (PVN) to expedite workforce restructuring. There should be more Vietnamese personnel in the company’s management, promoting decentralization of power for enhanced operational efficiency, he added.
The PM stressed the significance of financial restructuring within the company, which includes reducing loan interest rates, waiving interest, and ensuring effective capital utilization.
A restructuring of production and business, such as utilizing electricity from the national grid instead of diesel for power generation, will enable the refinery to reduce costs, the PM noted.
Nghi Son Refinery is a joint venture involving PVN, Kuwait KPI, Idemitsu Kosan, and Mitsui Chemicals from Japan. With total investment capital of US$9 billion, it is one of Vietnam’s largest foreign investment projects. The refinery has a processing capacity of 10 million tons of crude oil per year and can satisfy around 35% of the nation’s fuel demand.
