A corner of the Dung Quat Oil Refinery
(Photo: VNA)

Quang Ngai (VNA) – The Binh Son Refining and Petrochemical One Member Co Ltd (BSR), a subsidiary of PetroVietnam, pocketed nearly 54 trillion VND (2.37 billion USD) in revenue in the first six months of the year, accounting for 69 percent of the yearly plan.

At its shareholders’ meeting held in the central province of Quang Ngai on June 21, the company said that its net profit reached 2.7 trillion VND (118.8 million USD), equivalent to 77.6 percent of the target set for the whole year.

The company’s total output stood at 3.53 million tonnes while its sale volume was estimated at 3.6 million tonnes, completing 57 percent of the yearly plan.

Under the firm’s business development plan in 2018 and orientation for the 2018-2022 period, the BSR’s revenue is expected to hit a peak of nearly 6.4 trillion VND (281.6 million USD) in 2019 and the amount will taper off in the three following years due to plant’s expansion.

The company will complete the upgrade and expansion of the Dung Quat Oil Refinery, and put it into operation in 2022. Upon completion, the plant’s yearly refining capacity will increase from 6.5 million tonnes to 8.5 million tonnes of crude oil meeting the Euro 5 standard.

The BSR will channel efforts towards a leading competitive oil refining company in the region.

Earlier this year, the BSR sold 241.5 million shares, or 7.79 percent of its charter capital, during its first initial public offering (IPO) on the Ho Chi Minh Stock Exchange (HOSE).

The shares were sold to 623 investors, including 62 organisations and 561 individuals, at an average price of 23,043 VND (1.01 USD) per share, as against the asking price of 14,600 VND (0.64 USD). Of note, a foreign investor purchased 147.83 million shares or 61.2 percent of the total shares on sales.

Under the equitisation plan, PetroVietnam will retain 43 percent of the BSR’s charter capital, while a maximum of 49 percent (1.52 billion shares) will be sold to strategic investors, expecting to earn nearly 1 billion USD. About 0.21 percent of shares will be offered to the company’s employees.

On March 1, all of the BSR shares were traded on the Unlisted Public Company Market (UPCoM) and they drew the attention of a large pool of domestic and foreign investors.

Many international investors have worked with BSR to seek cooperative opportunities, including Nation Indian Oil Coporation, Indonesia’s Pertamine, and Thailand’s Bangchak Corporation Public Company Limited.-VNA