BSR will sell nearly 241.6 million shares, equivalent to 7.79 percent of its charter capital, to the public (Source: vietnamfinance.vn)

Hanoi (VNA)
- Binh Son Refining and Petrochemical Co Ltd (BSR), operator of Dung Quat Refinery, has targeted total revenue of nearly 78.4 trillion VND (3.44 billion USD), State budget contribution of some 8.33 trillion VND and after-tax profit of more than 3.47 trillion VND in 2018.

It was one of the contents at BSR’s conference to review the company’s performance in 2017 and assign tasks for 2018 held in the south central  province  of Quang Ngai last week.

Tran Ngoc Nguyen, BSR General Director, said in 2017, BSR exceeded planned targets with production output of 6.1 million tonnes, consumption output of nearly 6.1 million tonnes. Turnover was estimated at nearly 80.52 trillion VND, contribution to the State budget was 10.34 trillion VND and profit-after-tax was some 8.04 trillion VND.

In 2017, Dung Quat Oil Refinery operated continuously, stabilising at an average capacity of 105 per cent of designed capacity. The third maintenance activity for the 7,000 main equipment categories of the plant in June and July were completed and exceeded the set targets.

This year, BSR planned to implement 19 energy optimisation solutions, saving some 1.45 million USD per year for the company. In addition, BSR’s cost saving in 2017 was estimated at 932.82 billion VND (surpassing 97.2 percent of the plan).

General Director of the Vietnam National Oil and Gas Group (PetroVietnam) Nguyen Vu Truong Son emphasised that BSR has contributed significantly in the group. The revenue of BSR accounted for 16 percent of PetroVietnam’s total revenue. Its contribution to the State budget accounted for 10 percent of the group. In addition, BSR contributed 33 percent of PetroVietnam’s total profit.

With regard to equitisation, BSR will be the largest enterprise to be equitised ever, with a value of some 3.2 billion USD. The company plans to sell 242 million shares at an initial price of 14,600 VND per share, equivalent to 7.79 percent of its charter capital, at its initial public offering (IPO) on January 17, 2018, at the HCM Stock Exchange.

BSR has targeted collecting some 4 trillion VND for State coffers via this IPO. In the next phase, BSR will sell 49 percent of charter capital to strategic investors, collecting nearly 1 billion USD for the State.-VNA