Dung Quat refinery operator sees revenues surge 80 pct

By Anh Minh July 12, 2022 | 02:43 am PT

Dung Quat oil refinery in the central province of Quang Ngai. Photo courtesy of BSR

Binh Son Refining and Petrochemical (BSR) posted an 80 percent surge in revenues to VND87.05 trillion ($3.7 billion) in the first six months thanks to rising gasoline prices.

Its six-month revenues equaled 95 percent of the annual plan.

BSR accounted for 30-35 percent of fuel supply in Vietnam, equivalent to 3.43 million tons.

Surging oil prices on the global market and post-Covid recovery are two driving factors for growth, BSR Director Bui Ngoc Duong said.

Duong pointed out that the rising U.S. dollar, inflation and related costs would challenge BSR in the next six months.

Imports of light sweet crude for the refinery will likely be affected by the Russia-Ukraine conflict and Western sanctions on the country, its management added.

Nguyen Van Hoi, chairman of BSR, said the company will expand its "basket" of imported oil and focus on investment, with a complete overhaul of the refinery set to happen in mid-2023.

Dung Quat refinery started operation in January 2011. Its current output is 6.5 million tons annually.

BSR also planned a $1.8 billion upgrade to raise Dung Quat’s capacity from the current 6.5 million tons of crude to 7.6 million tons.