Nghi Son Petrochemical Company in Vietnam has launched an initiative inviting international and domestic investors to participate in a site-sharing arrangement within its large refining and petrochemical complex located in Thanh Hoa Province. The move aims to boost the complex’s operational efficiency by creating an integrated environment that lowers production costs and enhances economic value.

The company plans to attract developers and businesses to establish their facilities inside the complex, allowing them to leverage the existing advanced infrastructure. This collaborative investment strategy is designed to maximize the value of byproducts and petroleum derivatives generated at the site, converting them into higher-value materials instead of selling them as low-value raw inputs.

This approach marks a significant shift in managing Kuwait’s oil assets overseas, transitioning the Nghi Son project from a conventional crude oil refinery into a comprehensive industrial hub. The complex is intended to drive broader economic development in Southeast Asia by attracting complementary industries and investments.

The consortium owning Nghi Son is composed of four main stakeholders. Kuwait Petroleum International (KPI), a subsidiary of Kuwait Petroleum Corporation (KPC), and Japan’s Idemitsu Kosan each hold a 35.1 percent stake. Vietnam’s state-owned oil company PetroVietnam owns 25.1 percent, while Mitsui Chemicals of Japan holds 4.7 percent. The consortium’s total capital is valued at approximately $9 billion.

The initiative focuses on enhancing the added value of various compounds and byproducts derived from basic refining and petrochemical processes, including paraxylene, benzene, propylene, and polypropylene. Additionally, the plan includes the utilization of sulfur deposits to produce higher-value products such as sulfuric acid through dedicated production plants, as well as the conversion of LPG byproducts.

Plans also call for making use of heavy distillation residues and fuel oils to manufacture specialty chemicals and high-quality jet fuel. Through these efforts, the Nghi Son complex aims to optimize resource use and expand its product portfolio, positioning itself as a leading industrial and petrochemical center in the region.