Kuwaiti investors visit Nghi Son refinery amid expected heavy losses

A group of investors connected to Kuwait Petroleum International, which has a 35.1 percent stake in Vietnam’s Nghi Son oil refinery, visited the facility yesterday, the Kuwait News Agency is reporting. This comes after speculation that the refinery could report a loss of US$1 billion this year which may signal a pressing need for reforms–possibly to the refinery’s operations but also the regulatory environment–petrol prices are regulated by the government in Vietnam and can often fall below the cost price forcing the sale of petrol at a loss. In this context, it’s likely that this visit may be somewhat uncomfortable for the refineries local managers and partners.