"NGU Sun" earns $1.5 billion after resolving arbitration dispute in Vietnam

The external refining and manufacturing sector of the "Company" achieved significant leaps in the past fiscal year

Najah Bilal

As the Kuwait Petroleum Corporation (KPC) continues to drive the Kuwaiti oil sector with great force, solidifying its position as one of the leading strategic players in global energy markets, it has successfully built, through its international arms, an integrated network of overseas assets. This includes major refineries and fueling stations for vehicles and aircraft via Q8 Global, which has elevated Kuwait’s profile in global energy forums. The role of these strategic investments extends beyond achieving record financial returns and ensuring operational sustainability; they also serve as a safety valve guaranteeing the off-take of Kuwaiti crude oil and securing permanent market shares across various continents, thereby demonstrating Kuwait’s leadership in the global refining and manufacturing sector.

Nguyen Son Refinery

In this context, an official report obtained by Al-Siyasa revealed that the KPC’s external refining and manufacturing sector achieved substantial growth during the fiscal year ended March 31 last year. The Nguyen Son Refinery in Vietnam, in which the KPC holds a 35.1% stake, underwent a fundamental transformation, most notably the settlement of an arbitration dispute worth $1.5 billion and the realization of savings amounting to $66 million in 2025. Consequently, total savings achieved since 2021 have risen to $336 million.

Meanwhile, the Duqm Refinery project in Oman, in which the KPC holds a 50% stake, equally shared with the Omani company OQ, reported profits of $7 billion for the year 2025.

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According to data issued by Duqm, a copy of which is in Al-Siyasa’s possession, and referencing the KPC’s report, it was confirmed that the Duqm Refinery achieved savings of $270 million in 2025, along with an additional $55 million by February 2026.

The report noted that the refinery continued its role in off-taking Kuwaiti crude oil, importing 41.5 million barrels of Kuwaiti crude.

According to the same report, the Milazzo Refinery in Italy, in which the KPC holds a 50% stake, continued its plans aimed at enhancing production efficiency and investment returns in global energy markets.

In the context of knowledge exchange among these refineries, informed sources revealed to Al-Siyasa that the management of the Duqm Refinery has recently undertaken a field visit to the Nguyen Son Refinery in Vietnam to review best practices in operational efficiency, maintenance, supply chain management, and human capital development. This initiative supports the strategic and operational performance of the overseas refineries. According to the same sources, such visits are of paramount importance in achieving operational integration and knowledge transfer to address the challenges of global energy markets and to enhance a sustainable competitive advantage, in line with the KPC’s 2040 Vision.

Depth of the Integrative Vision

The sources stated that these joint operational steps among the overseas refineries underscore the depth of the integrative vision adopted by Kuwait Petroleum International (KPI). The partnerships extend beyond investment, financial, and technical aspects to include building bridges of knowledge, transferring technology, and unifying operational standards. This directly contributes to enhancing production efficiency and reducing operational costs, which are a critical factor in determining refinery profitability.

The same sources clarified that the visit serves as a proactive step to enhance synergy among overseas assets. The Nghi Son refinery offers high refining capacity and accumulated expertise in managing complex operations and Asian supply chains, providing a live model that can be leveraged to develop the operations of the Duqm refinery, which has become a massive industrial landmark in the Arabian Gulf region. The sources emphasized that this bilateral cooperation focuses on key pillars, including the development of preventive maintenance systems, the digital transformation of daily operations management, and enhancing supply chain resilience to mitigate potential disruptions in maritime trade or global supply lines.

The sources added that the exchange of expertise in developing human capital is the driving force ensuring the sustainability of these billion-dollar investments. Furthermore, this knowledge integration enables the refinement of leadership and technical skills for refinery engineers and operators, contributing to the development of innovative solutions for technical challenges and the reduction of carbon emissions in line with global trends toward clean energy and environmental responsibility. This ultimately reinforces Kuwait’s position as a reliable and responsible global energy supplier in both international and domestic markets.