The refinery is scheduled to produce the first commercial oil products in May this year.
Once become operational, the project will help ensure the national energy security. It is expected to contribute VND10 trillion (US$436 million) to the local budget in 2018.
Addressing a ceremony to announce the milestone held on February 28, General Director of the complex Turki Alajmi highlighted the strategic importance of the project, saying that it will help meet Vietnam’s increasing demand of petrochemical products to serve the country’s industrialisation and modernisation.
He thanked the Vietnamese Government and local authorities for their support and facilitation to the project.
The NSRP is built in Nghi Son economic zone in Tinh Gia district. This is the largest national oil and gas project of the country with total investment of over US$9 billion.
Japanese firm Idemitsu Kosan and the Kuwait Petroleum International Company (KPI) each contributed 31.1 percent of the total investment, while capital contribution rates of the Vietnam Oil and Gas Group (PetroVietnam) and another firm of Japan - Mitsui Chemicals are 25.1% and 4.7%, respectively.
With its capacity of 10 million tonnes of petrochemical products per year, the Nghi Son petrochemical refinery complex is expected to help improve the self-reliance of Vietnam in producing refinery and petrochemical products.