PETROVIETNAM and NSRP Sponsors Discuss Operational Priorities and Long-Term Development of Nghi Son Refinery and Petrochemical Complex

The meeting was attended by senior executives of the sponsors, NSRP’s management and representatives of relevant PETROVIETNAM divisions. The meeting aimed to review NSRP’s performance in 2026, preparations for the 2027 business plan, and solutions to ensure the safe, stable and efficient operation of the Nghi Son Refinery and Petrochemical Complex, while supporting its sustainable development over the long term.

At the meeting, NSRP provided updates on its production, business and financial performance in 2026, preparations for the 2027 plan, crude oil supply arrangements, as well as matters related to the Refinery’s long-term development orientation.

Overview of the NSRP Sponsors’ CEO Meeting.

According to NSRP, despite disruptions to crude oil supply caused by global geopolitical developments in 2026, with the support of the Government and the sponsors, the Refinery continued to operate safely and stably at a high utilization rate while proactively responding to fluctuations in the market and crude oil supply. NSRP has promoted crude oil diversification, expanded its capability to process different crude grades and enhanced flexibility in feedstock arrangements. These efforts have contributed to maintaining continuous production, strengthening the Refinery’s resilience to volatility in international energy markets and supporting national energy security.

Notably, NSRP reported that it had achieved more than 30 million safe working hours without a lost-time injury. NSRP expects to continue operating the Refinery at a high utilization rate in the fourth quarter of 2026. Its overarching priority remains to ensure safe and stable operations, optimize business performance and establish a solid foundation for the next stage of development.

For the 2027 business plan, NSRP has identified three key priorities: maintaining safe and efficient core operations; successfully implementing the TA2027 turnaround; and preparing the necessary conditions for the next stage of development, with a view to enhancing the Refinery’s efficiency, competitiveness and sustainability over the medium and long term.

Mr. Shafi Al-Ajmi, Chief Executive Officer of KPI, speaking at the meeting.

One of the key topics discussed by the sponsors was crude oil and feedstock security. Building on its experience in responding to recent supply fluctuations, and alongside crude oil supplied under the long-term contract with Kuwait Petroleum Corporation (KPC), NSRP will continue to broaden its crude oil portfolio and enhance flexibility in feedstock arrangements, thereby strengthening supply security for the Refinery while improving operational efficiency.

The meeting also included discussions on NSRP’s financial position, corporate governance and measures to further improve operational efficiency and ensure the Company’s stable and sustainable development in the period ahead.

Senior executives of the sponsors at the meeting.

In addition, the sponsors exchanged views on a number of medium- and long-term development orientations and solutions for NSRP, focusing on improving operational efficiency, refining the business model, enhancing proactiveness and flexibility in production and commercial activities, accelerating digital transformation, and exploring new opportunities for cooperation and development to create additional value for the Refinery.

Senior executives of the sponsors, NSRP’s management and representatives of PETROVIETNAM’s relevant divisions attending the meeting.

In a spirit of partnership, shared responsibility and commitment to the sustainable development of the Refinery, the sponsors held open discussions on matters of common interest and agreed to continue close coordination in finalizing the 2027 business plan and implementing measures to improve NSRP’s operational efficiency.

The meeting provided an opportunity for the sponsors to further strengthen high-level coordination mechanisms, enhance dialogue and jointly identify appropriate solutions to improve operational efficiency and lay the foundation for the long-term development of the Nghi Son Refinery and Petrochemical Complex, thereby continuing to contribute to ensuring petroleum product supply and strengthening national energy security.

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