KUWAIT: The Nghi
Son Refinery and Petrochemical Limited Liability Company (NSRP) in Vietnam is
considered to be part of a vast and important project to all shareholders in
the energy sector especially the Vietnamese government, CEO of Kuwait Petroleum
International Ltd (KPI) and head of the Kuwaiti delegation Nabil Bourisly said.
When contacted by yesterday after the official ceremony of the refinery's
commercial operation, Bourisly explained the significance of this step forward
due to the increased demand of oil production and the cooperative efforts by
all the sponsors of this project showing a strengthening of relations between
all three state owners (Kuwait - Japan - Vietnam).

This strategic
venture focuses on investing in the major developing markets specifically in
Asia and areas that help strengthen the relations of KPI, mentioned Bourisly.
He also added this major investment in the refinery and petrochemicals sectors
which will support KPI in its relations with other associations and open new
doors for even more investments and partnerships and diversifies Kuwait's Crude
oil outlets, while also an opportunity for small and upcoming companies.

When asked how
this project could benefit the Vietnamese government, Bourisly said that the
NSRP as the second refinery in Vietnam along with the existing Dung Quant
refinery together meets around 70 percent of local demand for oil production.
He also added that NSRP provides premium products to the market like premium
diesel and gasoline in addition to LPG, jet fuel, and many petrochemical
products like polypropylene and Benzene. All this production needs a large
workforce which provides hundreds of jobs to the local Vietnamese population.

The NSRP also
secures KPI's production for the long term as the complex is a Greenfield
refinery with a capacity of 200 KBPD, said Bourisly. The partnership with Petro
Vietnam and Japan's Idemitsu Kosan Co. is very beneficial in marketing the
products in the local and international markets as the Japanese experience and
support are very valuable especially in the world market.

Other than the
economic benefits of this investment, Boursily emphasized the high level of
experience KPI's employees will obtain from such a project from the challenges
they will face, as well as gaining safe depositories for Kuwaiti crude oil. The
three Kuwaiti banks that financially contributed to the NSRP project are the
National Bank of Kuwait, Commercial Bank of Kuwait and Al-Ahli Bank of Kuwait,
which is worth around $112 million and "they have always been supporting
KPI in its international venture," said Bourisly. - KUNA