The signing ceremonyAt the signing ceremony, Deputy General Director of BSR Nguyen Van Hoi affirmed the agreement will promote cooperation and assistance between the two sides, bringing success and positive results for BSR and improving the competitive capacity of Dung Quat Oil Refinery Plant in the near future. Mr. Eiji Hirakao, Managing Director of JCCP, believed that the good cooperation between the center and PetroVietnam and its member units will be enhanced and continue to grow in the coming time. He also committed to realize agreements between the two parties. PetroVietnam Deputy General Director Le Manh Hung highly hailed the signing and expected that it would contribute to improving the efficiency and competitiveness of the group’s oil refinery plants, especially the support for the Dung Quat Oil Refinery Plant in the expansion and upgrading process. He also hoped the two parties will closely cooperate and exchange detailed contents and realize the project … [Read more...] about Cooperating to improve refinery competitiveness in Vietnam
Dung quat refinery expansion
Lack of credit affects Dung Quat expansion project
Lack of credit affects Dung Quat expansion projectBy Ngoc Lan A view of Dung Quat oil refinery in the central province of Quang Ngai – PHOTO: TTXVN HANOI - The expansion of the Dung Quat oil refinery in the central province of Quang Ngai is scheduled to start this quarter, but difficulties in financial arrangement may cause delays for the project. According to the planned progress of the project, to raise the production capacity of the refinery from 6.5 million tons per year to 8.5 million tons, Binh Son Refining and Petrochemical Co., Ltd, (BSR) will open the first phase of the engineering, procurement and construction contract next month. If it goes smoothly, the expansion project will start commercial operations in 2022. The capital arrangement plan was prepared two years ago and was published in a prospectus when BSR launched its initial public offering. BSR recently confirmed that 30% of the capital amount of US$1,269 million was from equity and 70% was from loans, … [Read more...] about Lack of credit affects Dung Quat expansion project
BSR Co., Ltd: Sustainable growth based on technology and creativity
(VEN) - In mid-April 2018, Binh Son Refining and Petrochemical Company Limited (BSR Co., Ltd) was again honored at the 14th National Technical Innovation Contest as it owned one of four innovative solutions of the petroleum and gas industy awarded this time. Competing with 536 other solutions nationwide, the solution themed "Improving reliability and optimizing operation of depressurization stations in Dung Quat Oil Refinery" by author Nguyen Ngoc Thanh and his colleagues from BSR won the third prize. In previous competitions, BSR also often had solutions to win prizes. During 10 years of operation of Dung Quat oil refinery, BSR showed its capability to master science and technology and promoted initiatives and creativity in production. So far, BSR has had more than 163 initiatives, benefiting the State US$138 million. The company has implemented 33 scientific research projects, most of those have been applied in production and business activities, bringing high … [Read more...] about BSR Co., Ltd: Sustainable growth based on technology and creativity
PM approval sought for Dung Quat oil refinery expansion
PM approval sought for Dung Quat oil refinery expansionBy Quoc Hung - The Saigon Times DailyHCMC - The Vietnam National Oil and Gas Group, or PetroVietnam, is reportedly seeking the Prime Minister’s approval for scaling up the capacity of its Dung Quat oil refinery plant under construction in the central province of Quang Ngai, a source said.Le Van Dung, director of Dung Quat Economic Zone Authority’s Investment Promotion Center, told the Daily on the phone that PetroVietnam was seeking to expand the refinery’s capacity to 10 million tons from the current 6.5 million tons per year in partnership with foreign investors. He said PetroVietnam submitted the proposal to the Prime Minister last month.The country’s first oil refinery covering 338 hectares of land and 473 hectares of water surface is under construction in Binh Son District in the province. The expansion is needed to ensure national energy security and to meet the increasing demands for fuel in the … [Read more...] about PM approval sought for Dung Quat oil refinery expansion
US firm eyes 49% stake in Dung Quat Oil Refinery
At a recent roadshow to promote investment in BSR in Hanoi, Nguyen Thi Thanh Phuong, representative of Polestar in Vietnam, said the group is experienced in exploring and transporting oil and gas, so it wants to buy shares of BRS and PetroVietnam Oil Corporation (PV Oil) to supply crude oil for these two firms.The group will initial a contract with BSR to buy the shares at the end of this month. The group has plans to join the Dung Quat Oil Refinery expansion project, build a storehouse with fuel tanks, implement customs procedures and participate in the fuel export sector wherein PV Oil is a monopolistic player.Vitol Group, a global energy and commodity trading company, also expressed interest in BSR shares, saying it wants to enter the Vietnamese fuel market.BSR planned to offer 7.79% of its shares on the Hochiminh Stock Exchange (HOSE) on January 17 at a price starting from VND14,600 per share. A 49% stake will be sold to strategic investors in the next phase, reducing State … [Read more...] about US firm eyes 49% stake in Dung Quat Oil Refinery
U.S. firm eyes 49% stake in Dung Quat Oil Refinery
Polestar Inc, a firm specializing in oil and gas transport in Texas in the U.S., wants to acquire a 49% stake in Binh Son Refining and Petrochemical Company (BSR), the operator of Dung Quat Oil Refinery. A night view of Dung Quat Oil Refinery, which processes and supplies 30% of fuels on the Vietnamese market At a roadshow to promote investment in BSR last weekend in Hanoi, Nguyen Thi Thanh Phuong, representative of Polestar in Vietnam, said the group is experienced in exploring and transporting oil and gas, so it wants to buy shares of BRS and PetroVietnam Oil Corporation (PV Oil) to supply crude oil for these two firms.The group will initial a contract with BSR to buy the shares at the end of this month. The group has plans to join the Dung Quat Oil Refinery expansion project, build a storehouse with fuel tanks, implement customs procedures and participate in the fuel export sector wherein PV Oil is a monopolistic player.Vitol Group, a global energy and commodity trading … [Read more...] about U.S. firm eyes 49% stake in Dung Quat Oil Refinery
Quang Ngai proposes solutions to Dung Quat refinery difficulties
VietNamNet Bridge – The government of Quang Ngai Province has written to the Government and ministries proposing not applying a regulatory charge of 7% to Dung Quat Oil Refinery and approving the refinery expansion project, according to Tuoi Tre newspaper.From next year, the fuel market will face difficulties in supply and demand plus the Government’s new strict regulations which may reduce profit of Binh Son Refining and Petrochemical Company (BSR), the operator of Dung Quat Oil Refinery.If the Government agrees with the Ministry of Finance’s proposal concerning a regulatory fee applied from 2018 to 2020, BSR’s revenue would annually decrease by VND0.7-3.8 trillion (US$30.83-167.34 million) and its products would become uncompetitive on the local market. Currently, the regulatory charge of 7% is slapped on the country’s first oil refinery to balance import tariffs on fuels and the tax on crude oil imported by the refinery.Quang Ngai authorities said Dung … [Read more...] about Quang Ngai proposes solutions to Dung Quat refinery difficulties
PVN told to clarify oil refinery expansion
PVN told to clarify oil refinery expansionLe Hoang By Le Hoang - The Saigon Times Daily HCMC - Deputy Prime Minister Hoang Trung Hai has urged Vietnam National Oil and Gas Group (PVN) to prepare a report on a project to upgrade and expand Dung Quat Oil Refinery and give an explanation of why the expansion is urgent. The Government Office stressed the clarification request in an announcement released recently to convey the Government’s instruction. The Deputy Prime Minister has also told PVN to evaluate and compare the efficiencies of upgrade and expansion plans for the oil refinery located in the central province of Quang Ngai. The group should analyze the plans with and without investment incentives before and after the oil refinery is expanded. PVN should complete an investment scheme for the expansion of Dung Quat Oil Refiner and report it to the Ministry of Industry and Trade before November 15 this year. The ministry has been assigned to establish a council consisting … [Read more...] about PVN told to clarify oil refinery expansion
Foreign investors keen to acquire stake at oil refinery
The equitization of Binh Son Refining and Petrochemical Company (BSR), the operator of Dung Quat Oil Refinery in central Vietnam, has drawn strong attention of big foreign investors given the company’s strong financial readings and its market position.Under the equitization plan approved last week by the Government, BSR will launch its initial public offering (IPO) on the Hochiminh Stock Exchange on the third week of next month.Via this IPO, BSR will sell 7.79% of its chartered capital, equivalent to 242 million shares at a price starting from VND14,600 per share, generating an estimated VND4 trillion. A 49% stake will be sold to strategic investors in the next phase with nearly US$1 billion to be collected.Of the VND31 trillion chartered capital of BSR, Vietnam National Oil and Gas Group (PVN) owns 43% (1.3 billion shares), and 0.21% (6.4 million shares) will be sold to staff and 49% (1.5 billion shares) to strategic investors.General director of BSR Tran Ngoc Nguyen was quoted … [Read more...] about Foreign investors keen to acquire stake at oil refinery
Petrolimex to acquire stake at Dung Quat Oil Refinery
Petrolimex to acquire stake at Dung Quat Oil RefineryLan Nhi HANOI - Vietnam National Petroleum Corp. (Petrolimex) on August 10 signed a memorandum of understanding with Binh Son Refining and Petrochemical Co Ltd (BSR) to buy BSR shares at an initial public offering (IPO) set for late this year. The two sides agreed to become strategic shareholders of each other. BSR, the operator of Dung Quat Oil Refinery in the central province of Quang Ngai, plans to sell 50% of the State stake. After Petrolimex’s IPO in July 2011, the State stake is now down to 75.87%. Petrolimex, which buys 42% of BSR’s fuel output, the highest in the country, will secure a stable outlet for BSR’s petrol, liquefied petroleum gas (LPG) and petrochemical products. Petrolimex will be a priority partner to export Dung Quat’s fuels to Laos and Cambodia. After seven years of operation, Dung Quat Oil Refinery has sold more than 47.2 million tons of fuels, meeting 40% of domestic needs, gained … [Read more...] about Petrolimex to acquire stake at Dung Quat Oil Refinery