Vietnam's Nghi Son refinery posted nearly $530 million in after-tax profit in the first eight months of 2026 and resumed Kuwaiti crude imports after a five-month disruption.
Le Nguyen Quoc Vinh, Director of the NSRP refinery, speaks to the media about the plant's operations. Photo: T.A
Nghi Son Refinery and Petrochemical LLC (NSRP), which supplies around 35-40% of Vietnam's petroleum products, posted nearly $530 million in after-tax profit in the first eight months of 2026 while resuming Kuwaiti crude imports after a five-month disruption.
The figures were shared by NSRP executives during a media visit to the refinery on October 2.
NSRP General Director Kazutaka Yamato said that following supply disruptions this year, the refinery is expanding its feedstock portfolio and increasing its capacity to receive and process around 10 different types of crude oil.
Notably, NSRP resumed crude oil imports from Kuwait in September 2026. Nghi Son currently supplies around 35-40% of petroleum products to Vietnam's domestic market.
Le Nguyen Quoc Vinh, Director of the NSRP refinery, said the company began proactively diversifying its crude oil sources in late 2025 to improve operational flexibility and adaptability.
In January 2026, NSRP successfully processed its first crude cargo from a supplier outside Kuwait, approximately 1 million barrels of Das Blend. The shipment arrived at Nghi Son port in late December 2025 and was safely received and processed under the refinery's stringent operating standards.
"This success laid an important foundation for diversifying our feedstock sources over the long term, while strengthening resilience against market fluctuations, reducing the risk of feedstock supply disruptions and optimizing both operational and economic efficiency," Vinh said.
According to Vinh, Kuwait remains NSRP's long-term strategic partner and its most important crude oil supplier. The company, however, has adopted a more flexible procurement approach that combines traditional supplies with suitable alternative crude sources.
"Following the disruption earlier this year, NSRP resumed Kuwaiti crude imports in September 2026, and subsequent shipments have been scheduled for the coming months," he said.
Vinh said the refinery processed approximately 8.38 million tons of crude oil and supplied around 6.54 million tons of petroleum products to the market during the first nine months of 2026.
In the fourth quarter, NSRP expects to supply an additional 2.69 million tons of products, bringing its full-year output to more than 9.2 million tons.
The refinery is currently operating at 125% of its designed capacity. For the final four months of the year, crude oil plans are finalized about two months in advance. Supplies for October and November have already been secured, while plans for December are being prepared.
Oil market volatility fails to derail profits
NSRP posted nearly VND14 trillion ($530 million) in after-tax profit in the first eight months of 2026. Photo: T.A
Vinh said the global oil market experienced significant volatility in 2026, particularly following geopolitical developments in the Middle East.
By the end of August, NSRP's average crude oil input price had risen approximately 63% from the beginning of the year.
Given the refinery's current operating scale, every $10-per-barrel increase in crude oil prices could raise its feedstock costs by around $2.5 million per day, Vinh said.
However, the refinery's business performance depends primarily on refining margins rather than crude prices alone.
By optimizing its crude oil mix, maintaining efficient operations and benefiting from favorable movements in product prices, particularly for distillate fuels, NSRP continued to deliver positive business results.
Revenue in the first eight months of 2026 was estimated at VND185.5 trillion ($7 billion), while after-tax profit reached nearly VND14 trillion ($530 million).
According to NSRP executives, 2026 marks the first year the company has recorded a positive after-tax profit since the refinery began commercial operations in late 2018.
NSRP also contributed around VND18 trillion ($680 million) to the state budget during the first eight months of the year.
"NSRP's operational and financial performance has improved significantly in 2026. This result comes from maintaining high operating capacity, favorable refining margins, optimizing feedstock inputs, and closely managing the company's costs and cash flow," Vinh said.
Looking ahead, NSRP's strategy is to strengthen competitiveness by optimizing refinery operations, maintaining high utilization rates and integrating more deeply into the petrochemical value chain.
The refinery has demonstrated its ability to operate at more than 120% of designed capacity. Its current goal is to maintain that level ahead of its second major turnaround scheduled for 2027, while preparing for further development afterward.
At the same time, NSRP is exploring opportunities in olefins, polymers, bitumen, lubricants and other petrochemical value chains to extract greater value from its existing assets and strengthen its long-term competitiveness.
Vietnamnet.vn
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