Strategic Cooperation Agreement Signed Between PVFCCo – Phu My and NSRP

On November 15, 2025, in Kuwait, Petrovietnam Fertilizer and Chemicals Corporation (PVFCCo – Phu My) and Nghi Son Refinery and Petrochemical Limited Liability Company (NSRP) signed a Memorandum of Understanding (MOU), marking a strategic cooperation step in developing chemical and petrochemical projects.

Attending and witnessing the event were Mr. Le Ngoc Son, General Director of Vietnam National Oil and Gas Group (Petrovietnam); Mr. Le Xuan Huyen, Deputy General Director of Petrovietnam, along with Leaders of the specialized Departments; Mr. Shafi Al-Ajmi, CEO of Kuwait Petroleum International (KPI); Mr. Susumu Nibuya, Senior Representative of Idemitsu Kosan Co., Ltd (IKC); and the capital representatives of the shareholders (MC) at NSRP.

 

PVFCCo – Phu My is a key member unit of Petrovietnam in the fertilizer and chemical sector. It is currently the leading fertilizer producer in Vietnam, operating the Phu My Fertilizer Plant with a production capacity of 1.6 million tons of fertilizers and chemicals per year. PVFCCo – Phu My is also promoting a strategy to expand into the field of advanced and green high-value-added chemicals. With experience in large-scale operation, maintenance, and supply chain management, along with financial capacity and an extensive distribution system, PVFCCo – Phu My aims to become a deep participant in the chemical sector in Vietnam and the region.

NSRP is a joint venture between Petrovietnam and international corporations, including Kuwait Petroleum Europe (KPE), Idemitsu Kosan, and Mitsui Chemicals. It owns a refinery and petrochemical complex valued at over 9 billion USD with a processing capacity of 10 million tons of crude oil per year. NSRP currently plays a vital role in ensuring energy security and the supply of refined and petrochemical products to the Vietnamese market.

According to the MOU, PVFCCo – Phu My and NSRP will collaborate to research investment cooperation opportunities under the Business Cooperation Contract (BCC) model in several potential projects (Sulfuric Acid, Ammonia, Carbon Black, etc.). The two parties also agreed to share market data, update feasibility studies, and research infrastructure development to serve production and business activities. Simultaneously, they will enhance coordination in operation and maintenance to improve plant efficiency and safety.

At the signing ceremony, the Petrovietnam leadership emphasized a crucial direction: PVFCCo – Phu My and NSRP need to develop products with a chain-based mindset, maximizing the advantages of each unit and directly supplementing the operation of Nghi Son Refinery and Petrochemical Complex, creating added value and harmonious benefits for both parties. This view was concurred upon by all parties, seeing it as the foundation for expanding cooperation in the chemical and petrochemical sectors in the coming years.

Representing NSRP, Mr. Kazutaka Yamato – General Director, affirmed that the MOU will open a new chapter for the development of the refinery and petrochemical complex by leveraging PVFCCo – Phu My's experience, systems, and market capacity. On behalf of PVFCCo – Phu My, General Director Phan Cong Thanh stressed that the event is consistent with the Corporation's strategy to expand its chemical scope, helping PVFCCo – Phu My participate deeper into the petrochemical-chemical value chain, especially within the Nghi Son industrial ecosystem.

The signing ceremony in Kuwait is considered an important milestone in forming the petrochemical-chemical linkage chain between PVFCCo – Phu My and NSRP, contributing to enhancing the efficiency of Vietnam's energy industry.