Bình Sơn Refining’s profit exceeds target

HÀ NỘI — Bình Sơn Refining and Petrochemical Company (BSR) reported post-tax profits of nearly VNĐ3.6 trillion (US$1.5 million) in the first seven months of 2018, meeting 172 per cent of its seven-month target and 103 per cent of the annual target.

BSR is a subsidiary of Việt Nam National Oil and Gas Group (PetroVietnam, PVN) and operator of the $3 billion Dung Quất Oil Refinery in the central province of Quảng Ngãi, the first oil refinery in the country.

The company earned VNĐ66.5 trillion in revenue during the reviewed period, equivalent to 113 per cent of the seven-month target and 85 per cent of the annual target.

Production output was estimated at 4.139 million tonnes, accounting for 113 per cent of the seven-month plan and 66 per cent of the yearly plan. BSR consumed over 4.114 million tonnes of products, accounting for 113 per cent of the seven-month and 66 per cent of the yearly plan.

The company paid special attention to scientific research to increase cost savings for production activities. In the first 7 months of 2018, thanks to these efforts, BSR saved VNĐ560 billion, exceeding the projected value by 16.8 per cent. Of the estimate, the reduction in processing cost was VNĐ495 billion.

BSR also researched increasing the capacity of its plant to 118 per cent.

Dung Quất oil refinery expansion project is currently underway. The company has completed some main work such as choosing overall front-end engineering design (FEED), payment of compensation for site clearance, the selection of procurement and construction (EPC) contractors as well as the capital arrangement for the project. — VNS