PVN to equitise oil refining subsidiary

Part of the Dung Quat Oil Refinery Plant in Quang Ngai province (Photo:VNA)

Quang Ngai (VNA) - The Binh Son Refining and Petrochemical Co. (BSR), a subsidiary of the Viet Nam National Oil and Gas Group (PVN), plans to complete its evaluation by December 31 and equitisation by the end of next year.

The plan follows the PVN Member Council’s Decision No 2665/ QD-DKVN on November 6, which is in line with the Government’s Decrees No 59/2011/ND-CP and 189/2013/ND-CP on restructuring of State-owned enterprises.

By the end of last year, BSR had chartered capital of 35 trillion VND (nearly 1.6 billion USD) and employed more than 1,500 people. It was among the six biggest enterprises in Vietnam.

In the first 10 months of this year, BSR produced over 5.64 million tonnes of products, reaching 96 percent of the yearly target. Of this, it sold about 5.52 tonnes or 94 percent of the target.

In the period, the company contributed 18.3 trillion VND (820 million USD) to the national budget, equivalent to 114 percent of this year’s target.

The Dung Quat Oil Refinery Plant, managed and operated by the BSR, has produced over 36 million tonnes of products with turnover of about 710 trillion VND (about 32 billion USD).-VNA