Recently, the delegation of the State Capital Management Committee at Enterprises chaired by Mr. Ho Sy Hung - Vice Chairman of the Committee had a working session at Binh Son Refining and Petrochemical Joint Stock Company (BSR). Attending the meeting were Mr. Bui Minh Tien - Member of the Board of Directors of Vietnam Oil and Gas Group; also attending were representatives of heads/deputy heads of the Group's professional departments. On the BSR side, there were Mr. Nguyen Van Hoi - Party Committee Secretary/Chairman of the Board of Directors, Mr. Bui Ngoc Duong - Deputy Party Committee Secretary/General Director and members of the Board of Directors, Board of Directors; Project Management Board (PMU) for Upgrading and Expansion (NCMR) of Dung Quat Oil Refinery (NMLD), heads of BSR's professional departments.
BSR General Director Bui Ngoc Duong reports on production and business results in 2024 At the meeting, BSR General Director Bui Ngoc Duong reported to the working delegation: On November 18, 2024, BSR completed the production plan 43 days early, reaching the highest record in 5 times of total maintenance of the factory. By the end of 2024, BSR's production output is estimated at 6.6 million tons, revenue of over 120 trillion VND and payment to the State budget of over 13 trillion VND. "BSR's revenue and payment to the State budget in 2024 both exceeded and far exceeded the plan." - BSR General Director Bui Ngoc Duong emphasized. BSR General Director Bui Ngoc Duong also analyzed the operating context of oil refineries around the world; in which many refineries were forced to close due to increasing losses due to declining crude oil prices. The sharp drop in oil prices has caused profit margins to decline, a common difficulty for the world's petrochemical industry, and BSR is no exception. BSR has thoroughly applied many different solutions to help reduce this impact. Therefore, the effort to maintain the safe and stable operation of Dung Quat Refinery at optimal capacity is not only BSR's political task to ensure domestic energy security but also the effort of the collective leadership and employees of BSR to overcome challenges and continue to operate, produce and do business effectively. In addition, BSR General Director Bui Ngoc Duong happily announced that in the last days of 2024, the Ho Chi Minh City Stock Exchange approved the listing of BSR shares on the HOSE. This not only enhances transparency but also attracts more investors.
Deputy General Director of BSR and Head of Dung Quat Refinery NCMR Project Management Board Nghiem Duc Duong reported on the progress of the NCMR project . Deputy General Director of BSR and Head of Dung Quat Refinery NCMR Project Management Board Nghiem Duc Duong reported: In May 2023, the Government signed Decision No. 482/QD-TTg on approving the adjustment of the investment policy of the Dung Quat Refinery NCMR Project. Accordingly, the Plant will increase its processing capacity from 148,000 barrels/day to 171,000 barrels/day; products will meet EURO V standards; meet environmental standards according to the Government's mandatory roadmap; increase flexibility in selecting crude oil, ensuring a long-term and effective supply of crude oil for the Plant; improve investment efficiency of Dung Quat Refinery; contribute to promoting the economic and social development of the whole country, especially the Central region. In March 2024, the Ministry of Industry and Trade announced the results of the appraisal of the NCMR Project Technical Research Report and immediately after that, the BSR Board of Directors approved the adjustment of the Dung Quat NMLD NCMR Project. In 2024, the Dung Quat NMLD NCMR Project Management Board has implemented the main tasks and achieved positive results, such as: Signing the adjusted technical design consultancy contract (FEED); up to now, the overall progress of the FEED design work has reached 27% of the volume. The Project Management Board has also completed the selection of contractors and signed contracts to provide technology copyright with copyright owners from France, the US, Italy, and the Netherlands for the project's copyright technology workshops. BSR, the FEED Consultant and the copyright owners have completed the kick-off meeting to implement the contract. Currently, the copyright owners are implementing the copyright technology design work, ensuring synchronization with the implementation of the FEED design. Regarding capital arrangement, the PMU has selected HSBC Bank as the bank coordinating export credit loans (ECAs). On November 25, 2024, BSR and Vietnam Joint Stock Commercial Bank for Industry and Trade (PVcomBank) signed the "Consulting contract on capital arrangement for the Dung Quat Oil Refinery (DRR) Upgrading and Expansion Project". Accordingly, PVcomBank will advise and support BSR in arranging loans at a rate of 40% of the total investment of the Project, equivalent to about 526 million USD from various loan sources in the domestic and international financial markets; in which, priority is given to export credit support loans (ECAs) from international credit institutions. In 2025, the Dung Quat Oil Refinery NCMR PMU will strive to achieve the following milestones: Appraisal and approval of FEED design; Approval of EPC bidding documents; Selection of EPC contractors; Land leveling.
BSR Chairman Nguyen Van Hoi spoke at the working session. Reporting to the working delegation, BSR Chairman Nguyen Van Hoi and Group Member Bui Minh Tien also gave statements analyzing BSR's production and business situation last year, as well as the challenges BSR will face in the coming year. On this occasion, the Company and Group leaders also gave their opinions on the recommendations of the Dung Quat Refinery NCMR Project Management Board to accelerate this Project.
PVN Board Member Bui Minh Tien spoke at the meeting. Concluding the meeting, Mr. Ho Sy Hung - Vice Chairman of the Board of Directors of the Vietnam Oil and Gas Group acknowledged and highly appreciated BSR's efforts in production and business in 2024. Last year, the global oil and gas refining market faced many fluctuations, causing many difficulties, but BSR still completed many important targets. In particular, BSR performed well in the overall maintenance of the plant, meeting many set goals. This is the wholehearted and responsible effort of the entire Board of Directors and employees of the unit.
Comrade Ho Sy Hung - Vice Chairman of the Vietnam Oil and Gas Group at Enterprises made a concluding speech: "Entering the new year, the market is assessed to have many challenges in the petrochemical industry. Therefore, BSR needs to focus on research, continue to implement solutions, at the same time, the Vietnam Oil and Gas Group also creates conditions for the unit to stabilize production activities. Thereby, continuing to ensure the task of national energy security. In particular, in the work of upgrading and expanding Dung Quat Oil Refinery, BSR needs solutions to speed up the project progress. In particular, it is necessary to have the support of the Group to coordinate and help BSR solve difficulties and problems. In addition, BSR also needs to select EPC contractors to ensure quality to optimize costs and project implementation time. With BSR's recommendations being completely well-founded, we will take note and report to the competent authorities for timely handling," said Mr. Ho Sy Hung - Vice Chairman of the Committee for State Capital Management at Enterprises.
Source : https://bsr.com.vn/?lang=vi#/bai-viet/uy-ban-quan-ly-von-nha-nuoc-tai-doanh-nghiep-lam-viec-voi-cong-ty-cp-loc-hoa-dau-binh-son
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