Commencement of commercial production at Vietnam’s Nghi Son refinery
First written in FY2016. 7 of 17 entries say "Worsened", first in FY2021. Latest entry: 2026-08-07.
No other company in this theme has enough history to compare yet.
- FY2026WorsenedAnnual report
「NSRP has remained in a negative net worth position since fiscal 2020 after reporting substantial operating losses in prior years due to low equipment utilization when commercial production began and the subsequent deterioration in product market conditions. Although equipment utilization remained high in the current fiscal year, NSRP reported an operating loss due to deteriorating product margins and continued to report a net loss, following the previous fiscal year, due to the impact of financial expenses associated with substantial borrowings.」
Although equipment utilization was said to remain high, negative net worth since fiscal 2020, operating losses due to deteriorating product margins, and net losses due to substantial financial expenses have continued. - 2026-05-12AdvancedEarnings presentation
「25年度は、高稼働を継続し、タイムラグ及び在庫影響等を除けば営業段階では黒字であるが、金利負担が大きいため最終赤字 2030年頃の最終黒字化を目指す方針に変更無し」
高稼働と営業段階の黒字化が示された一方、金利負担による最終赤字と2030年頃の最終黒字化方針が併記されている。 - FY2025WorsenedAnnual report
「NSRP has remained in a negative net worth position since fiscal 2020 after reporting substantial operating losses in prior years due to low equipment utilization when commercial production began and the subsequent deterioration in product market conditions. Although equipment utilization remained high in the current fiscal year, NSRP reported an operating loss due to deteriorating product margins and continued to report a net loss, following the previous fiscal year, due to the impact of financial expenses associated with substantial borrowings.」
Although equipment utilization remained high, operating and net losses continued due to deteriorating product margins and financial expenses, and an allowance for doubtful accounts was recorded against the full amount of ¥53,913 million in long-term loans receivable. - FY2024WorsenedAnnual report
「Improving NSRP’s earnings (returning to profitability in fiscal 2025)」
While setting a return to profitability in fiscal 2025 as a new earnings improvement target, NSRP continued to report operating and net losses during the fiscal year due to lower product margins, scheduled maintenance and substantial financial expenses, and also recorded an allowance for doubtful accounts against long-term loans receivable and other items in full. - FY2023WorsenedAnnual report
「NSRP had reported substantial operating losses in prior years due to low equipment utilization when commercial production began and the subsequent deterioration in product market conditions. In the current fiscal year, it reported an operating profit as product market conditions improved, but continued to report a net loss, following the previous fiscal year, due to the impact of financial expenses associated with substantial borrowings.」
Although an operating profit was recorded as product market conditions improved, the net loss continued due to financial expenses associated with substantial borrowings, leaving challenges in making NSRP an earnings contributor. - FY2023-Q2AdvancedAnnual report
「Special gains and losses resulted in a gain of ¥17.4 billion, up 175.3% year on year, due to gains on the sale of fixed assets by domestic subsidiaries and a gain on the valuation of long-term loans receivable associated with Nghi Son’s return to profitability in Vietnam, despite a loss on a step acquisition arising from the conversion of Seibu Oil Co., Ltd. into a consolidated subsidiary.」
For NSRP, after operating and net losses had continued through the previous fiscal year, a gain on the valuation of long-term loans receivable associated with its return to profitability was recorded for the six-month period ended the second quarter. This does not indicate that stable operations or earnings improvement had been fully achieved. - FY2022WorsenedAnnual report
「NSRP has reported operating losses continuously since the past, due to low equipment utilization when commercial production began and the subsequent deterioration in product market conditions. In the current fiscal year, although product market conditions and equipment utilization improved, it continued to report an operating loss and a net loss, following the previous fiscal year, and cash flow also deteriorated.」
Although product market conditions and equipment utilization improved, operating and net losses continued, as did cash flow deterioration, deepening the challenge of making NSRP an earnings contributor and improving its earnings after the start of commercial operations. - FY2021WorsenedAnnual report
「Nghi Son continued to face difficult earnings conditions during the fiscal year due to the impact of the COVID-19 pandemic, but from fiscal 2021 onward we will continue working to improve earnings through stable operations, cost optimization and margin recovery.」
The focus after the start of commercial operations shifted to making the refinery an earnings contributor, but difficult earnings conditions have continued, leaving stable operations, cost optimization and margin recovery as challenges. - FY2020RestatedAnnual report
「We inspected and repaired initial equipment defects at Vietnam’s Nghi Son refinery and worked to achieve stable operations.」
Although the focus after the start of commercial operations has been on making the refinery an earnings contributor and achieving stable operations, inspection and repair work to address initial equipment defects has also become necessary. - FY2020-Q3ReframedAnnual report
「Turning the Nghi Son refinery into an earnings contributor」
Following the start of commercial operations at the Nghi Son refinery, the focus has shifted from stable operations and full-capacity utilization to making it an earnings base for the new integrated company. - FY2019-Q3AchievedAnnual report
「Operation of the Nghi Son refinery in Vietnam (commercial operations began on 14 November 2018)」
For the Nghi Son refinery, the previous target of commencing commercial production was achieved with the start of commercial operations on 14 November 2018. Separate challenges remain regarding stable operations and full-capacity utilization. - FY2019-Q2RestatedAnnual report
「Through trading operations in the Asia-Pacific region, where demand is expected to continue growing; operation of the Nghi Son refinery and development of service stations in Vietnam; wholesale operations in North America; and wholesale and retail operations in Australia, we aim to achieve by 2021 an overseas fuel oil volume comparable to the volume handled in Japan.」
Operation of the Nghi Son refinery and the development of service stations continue to be stated as means of expanding the overseas fuel oil business. - FY2018AdvancedAnnual report
「We also aim to achieve stable operations and an early ramp-up to full capacity at the Nghi Son refinery and petrochemical complex in Vietnam. The Nghi Son refinery and petrochemical complex also began shipping products in May 2018.」
Following completion of construction, progress was made through the start of product shipments in May 2018, while stable operations and an early ramp-up to full capacity remained targets. - FY2017AdvancedAnnual report
「Construction of this project was completed at the end of April 2017, and the Company aims to commence commercial production during fiscal 2017.」
Construction was completed at the end of April 2017, and the target shifted to commencing commercial production. Commercial production itself was still stated as a target. - FY2016First statedAnnual report
「Construction of the Nghi Son refinery and petrochemical complex in Vietnam was advanced with the aim of commencing commercial production during fiscal 2017.」
The project includes refining facilities with capacity of 200,000 barrels per day, total project costs of approximately US$9 billion, and an Idemitsu Group ownership ratio of 35.1%.