Hanoi (VNA) - Fitch Ratings has rated Binh Son Refining and Petrochemical Joint Stock Company (BSR) as a Long-term Foreign- Currency Issuer Default Rating (IDR) of “BB+” with a stable outlook.
According to Fitch Ratings, one of the three largest rating agencies in the world, BSR plays an important role in maintaining Vietnam’s energy security with the ability to supply about 35% of the country’s fuel needs. Together with Nghi Son Refinery & Petrochemical Limited Liability Company (NSRP), Dung Quat Oil Refinery (DQR), operated by BSR, has contributed to ensuring energy security for Vietnam, reducing the need for petroleum imports.
In line with the roadmap to 2028, when the DQR upgrade and expansion project is successfully implemented, the plant’s capacity will increase from 148,000 barrels per day to 171,000 barrels a day. This increase will be accompanied by improvements in efficiency, processing capabilities and product optimisation, thus helping BSR improve its competitiveness and operational efficiency in the long term.
The rating on BSR is at the same level with that of the parent Vietnam Oil and Gas Group (Petrovietnam). The rating shows the strategic role and important support from Petrovietnam for BSR in its production and business activities as well as the company’s sustainable development strategy.
BSR General Director Bui Ngoc Duong said the rating is conducted continuously, independently and objectively aligned with Fitch Ratings’ criteria. The assessment results from the leading rating international organisation will be a useful assessment tool for domestic and foreign investors to consider and make long-term investment cooperation decisions with BSR, he added.
BSR's proactive engagement in the assessment with Fitch Ratings demonstrates its commitment to potential investors regarding operational efficiency, responsibility, and compliance with international laws.
Since its inception, DQR has always operated safely and stably, supplying the market with more than 91 million tonnes of various products. Its total revenue has reached nearly 1.6 quadrillion VND (63.5 billion USD), contributing nearly 224 trillion VND (over 9 billion USD) to the State budget, three times higher than its total investment./.
