AsemconnectVietnam - In the first 6 months of 2024, Dung Quat Oil Refinery operated by Binh Son Refining and Petrochemical Joint Stock Company (code BSR - UPCoM) had its 5th overall maintenance for more than 40 days, but as a result, BSR produced over 2.83 million tons of all kinds of products, reaching 45 million safe man-hours.

To date, BSR is supplying more than 30% of gasoline to the domestic market. BSR said that the business is focusing on researching and evaluating opportunities for trial processing of new types of crude oil and intermediate materials along with exploiting the maximum marginal capacity of Dung Quat Oil Refinery's technology workshops.
Previously, on June 21, Binh Son Refinery and Vietnam - Russia Joint Venture (Vietsovpetro), Vietnam Oil Corporation (PVOIL, code OIL - UPCoM) held a signing ceremony for the principle long-term supply contract of Bach Ho crude oil for Dung Quat Oil Refinery Plant in the period 2024 - 2027. This signing plays a very important role in BSR's production in the next 3 years because the amount of crude oil from Bach Ho field is estimated to account for about 30% of input materials of Dung Quat Oil Refinery Plant.
According to the recent report on BSR, VNDirect believes that the Company's 2024 revenue will likely decrease by 14.5% compared to 2023 when output decreases by 15% due to periodic maintenance activities. Revenue in 2025 is expected to increase 4% compared to 2024, mainly thanks to an 11% increase in consumption and a 6% decrease in oil prices.
In addition, the factory upgrade and expansion project with a total investment of VND36,400 billion is expected to start in 2024 when the overall technical design bidding package is expected to end in June and serve as a premise for EPC bid opening. This project is expected to be completed within 37 months from the date of signing the EPC contract and put into operation in 2028, which will bring long-term advantages to BSR.
The refinery's capacity will be expanded by 17% to 7.6 million tons per year (equivalent to 171,000 barrels/day). Gasoline and diesel products will be upgraded to meet Euro-V standards. The new refinery will also increase the proportion of high-value refined products (LPG, JetA1) and petrochemical products of BSR.
N.Nga
Source: VITIC/Tinnhanhchungkhoan