Dung Quat rakes in over 1 quadrillion VND in revenue after 10 years hinh anh 1General Director of Binh Son Refining and Petrochemical (BSR) Bui Minh Tien speaks at conference with BSR partners (Photo: VietnamPlus)

Hanoi (VNA)
– After 10 years, Dung Quat Oil Refinery Plant operated by Binh Son Refining and Petrochemical (BSR) processed nearly 79 million tonnes of crude oil and sold 64 million tonnes of products, grossing over 1 quadrillion VND in revenue and contributing about 159 trillion VND to the State budget.

The BSR recently held a conference to review its 10-year operation with the participation of over 150 trading partners in petroleum and liquefied petroleum gas (LPG).

Addressing the event, BSR General Director Bui Minh Tien said the firm and its partners have built good and sustained relations.

He took this occasion to thank all of BSR partners, especially those who have been with BSR since the first days of the Dung Quat Oil Refinery’s first production line.

“The today success of BSR is attributed to the sharing, cooperation and assistance of customers. BSR always takes customers as the central role, and strives to better serve them,” Tien said.

Deputy General Director of the Vietnam National Petroleum Group (Petrolimex) Nguyen Xuan Hung said as the biggest customer of BSR, Petrolimex has cooperated with BSR to sell as many products as possible, even in the difficult time.

Dung Quat rakes in over 1 quadrillion VND in revenue after 10 years hinh anh 2BSR General Director Bui Minh Tien in a photo with BSR partners (Photo: VietnamPlus)

In addition, BSR is also willing to accept flexible price adjustments, compete with imported goods and adjust delivery plans as required by Petrolimex, accepting Petrolimex's means of transportation.

It is a diverse cooperation based on mutual understanding and trust not only in the sale of BSR products but also in the use of each other's services such as transportation insurance, Hung said.

Despite fiercer competition in the market, Petrolimex pledged to push ahead with cooperation with BSR to improve the sale of products.

Dung Quat based in the central province of Quang Ngai is the first-ever oil refinery in Vietnam with an annual capacity of 6.5 million tonnes of crude oil. The refinery applies cutting-edge technologies from the US and the EU and is capable of processing about 57 different types of crude oil with high API quality and low sulphur content.

BSR has maintained the stable operation of the refinery at an average output of 103-105 per cent of its designed capacity. The refinery uses 85 per cent of locally-sourced materials and 15 per cent of imported materials.

In September 2019, BSR leaders met with potential partners such as Shell, Vitol, BP, PVOSN, PETCO, SOCAR, Glencore, Gazpromneft, Repsol and Sumitomo at the 35th Annual Asia Pacific Petroleum Conference in Singapore to seek cooperation opportunities.

Shell and BP representatives said they look forward to cooperating in supplying crude oil for Dung Quat Oil Refinery, while SOCAR pledged a long-term supply of strategic Azeri crude oil to the refinery if the import tax for the product is adjusted to zero.

Recently, BSR has been importing crude oil in large quantities with a batch of nearly one million barrels of US West Texas Intermediate (WTI). BSR will continue to import another two batches (one million barrels in each) of WTI crude oil. Of which, the first batch is expected to be delivered in October and the second batch is expected in December.

BSR is also considering buying and processing the first batch of crude oil from West Africa in October. So far, together with the domestic crude oil source, BSR will import about 9 batches of crude oil with a total volume of about 7.45 million barrels./.