Addressing the company’s performance review meeting on Friday, Le Nguyen Quoc Vinh, NSRP general manager, reported that the facility’s revenue reached VND185.5 trillion ($7.14 billion), while the company contributed VND18 trillion ($692.7 million) to the state budget.

The refinery operated at an average 110.9% of its capacity during January-August. In the second quarter, it cut petrochemical production and focused more heavily on refined petroleum products amid geopolitical disruptions, helping increase domestic fuel supply by 15-17%, Vinh said.

NSRP processed 8.38 million tons of crude oil during the first nine months of 2026 and supplied 6.54 million tons of petroleum products to the domestic market. It is expected to supply a further 2.69 million tons in Q4, he elaborated.

Securing crude supplies has become a priority for NSRP as geopolitical tensions expose risks from relying heavily on a single source of feedstock.

The refinery began seeking alternative crude supplies in mid-2025 and has since successfully processed 10 new crude grades, expanding its feedstock options and reducing its dependence on a single supplier, Vinh added.

NSRP has secured crude supplies through November and is negotiating cargoes for December and 2027. With the refinery capable of operating at up to 125% of designed capacity, the company plans to source about 40% of its crude from outside Kuwait as part of its diversification strategy.

At the meeting, NSRP general director Kazutaka Yamato said the refinery maintained safe and stable operations despite disruptions to Kuwaiti crude imports in the first half of the year.

It has accumulated 30 million safe working hours and maintained high utilization, reaching as much as 125% of capacity. It currently supplies about 35-40% of Vietnam’s domestic petroleum demand, Yamato said.

As of August, NSRP processed 78.5 million tons of crude and supplied 52.8 million tons of petroleum products to the domestic market. In 2025 alone, the refinery processed 11.8 million tons of crude and supplied 8.2 million tons of petroleum products.

The refinery faced significant challenges after beginning operations just as the Covid-19 pandemic disrupted global energy markets. More recently, higher refining margins amid geopolitical volatility have helped improve its financial performance, Yamato said.

Despite the return to profitability, NSRP continues to face high financial costs and substantial annual principal and interest payments, he said. The company has been negotiating with its shareholders to reduce interest rates and financing costs.

Local authorities are also considering developing a crude oil reserve facility near the refinery, NSRP said. The proposed storage facility would strengthen crude reserves and supply security while making use of existing pipeline and transport infrastructure.

Nghi Son is one of Vietnam’s two major oil refineries, along with Dung Quat. Established in 2008, Nghi Son is a joint venture between Petrovietnam, Kuwait Petroleum Europe, Japan’s Idemitsu Kosan, and Mitsui Chemicals, with a total investment of over $9 billion.