Accelerating BSR’s Operations to Offset National Flood Damage

This was the directive from the Chairman of the Board of Directors of the Vietnam National Oil and Gas Group (Petrovietnam), Le Manh Hung, during a working session of the Petrovietnam delegation with Binh Son Refining and Petrochemical Joint Stock Company (BSR) on November 23, at the Dung Quat Oil Refinery.

The Petrovietnam delegation included Board Members Bui Minh Tien and Pham Tuan Anh, along with representatives from specialized departments. Welcoming the delegation from BSR were Chairman of the Board Bui Ngoc Duong, General Director Nguyen Viet Thang, and members of the Board of Directors, Executive Board, Supervisory Board, Refinery Management Board, leaders of DQRE, specialized departments, and subsidiary units.

The working session focused on evaluating the production and business results for the first 11 months of 2025, developing solutions and strategies to achieve the 2026 production and business plan, and discussing the development direction for the 2026-2030 period, along with investment and restructuring efforts for BSR in subsequent phases.

The Petrovietnam delegation visits the Integrated Control Center of Dung Quat Refinery

During the session, BSR General Director Nguyen Viet Thang reported on the production and business results for the first 11 months of 2025 and the estimated performance for the entire year. BSR produced 7.24 million tons of various products, achieved a total revenue of 130.52 trillion VND, contributed 13.072 trillion VND to the state budget, and recorded a pre-tax profit of approximately 3.595 trillion VND. These results exceeded the management targets set by Petrovietnam for the first 11 months of 2025.

General Director Nguyen Viet Thang attributed BSR’s success to the implementation of dynamic management across all operations. The Dung Quat Refinery operated at a converted capacity of approximately 120% of its design capacity, with production and sales volumes surpassing targets, contributing to increased revenue and profit. Despite a downward trend in oil prices, the prices of key products either increased or remained stable, significantly widening the crack spread.

BSR consistently analyzed, forecasted, and capitalized on high-price windows to boost sales. The company optimized cash flow and implemented various strategies to enhance financial revenue and profit. Additionally, BSR expanded and diversified its product portfolio, introducing high-value plastic pellets such as F3030, T3045, P3034, TF4035, and new products like SAF, granular sulfur, and E10 RON95 gasoline, contributing approximately 1.54 trillion VND in revenue. BSR also optimized energy consumption, losses, catalysts, and operational costs, achieving a cost reduction of 751.7 billion VND in the first 11 months of 2025, exceeding the 2025 target by 23%.

For the 2026 plan, alongside traditional measures, General Director Nguyen Viet Thang presented breakthrough solutions to drive growth and surpass production and business targets.

BSR aims to further increase the refinery’s converted operating capacity to an average of 123-125% of design capacity, boosting revenue by over 6 trillion VND to offset the impact of lower crude oil prices. The company will also expand international trade, targeting over 8 trillion VND in revenue from both self-produced and traded products.

BSR General Director Nguyen Viet Thang reports on the 11-month 2025 production and business results

Furthermore, BSR will enhance innovation, accelerate the production and marketing of new products, targeting revenue of over 57 trillion VND. The company will also increase external production through outsourcing and M&A, and develop external services, aiming for a minimum of 500 billion VND and a long-term goal of 3 trillion VND.

BSR Chairman Bui Ngoc Duong reports at the working session

At the session, BSR Chairman Bui Ngoc Duong reported that BSR’s leadership and workforce have embraced Petrovietnam’s guidance, striving to meet and exceed production and business targets. BSR has implemented six comprehensive solution sets covering production, business, flexible operations, raw material procurement, particularly intermediate materials, and a flexible sales policy. The company has also traded intermediate components to increase revenue, expanded into neighboring markets, streamlined its organizational structure, and strengthened risk management and financial optimization.

Petrovietnam Chairman Le Manh Hung commends BSR’s 11-month 2025 production and business results

After hearing from Petrovietnam Board Members Bui Minh Tien and Pham Tuan Anh, leaders of specialized departments, and BSR’s management, Petrovietnam Chairman Le Manh Hung praised BSR’s production and business achievements in the first 11 months of 2025. Despite global volatility and market challenges, BSR has not only met but exceeded its targets for the period, with projections indicating a successful year overall.

Chairman Le Manh Hung provided BSR with five key directives: First, ensure absolute safety at the Dung Quat Refinery, clearly define investment portfolios, potential products and services, target markets and customers, and management systems. Second, drive production growth and expand international business. Third, optimize resources, including production, finance, and new product development. Fourth, produce biofuels in 2025 to support the blending and production of E5 and E10 biofuels as per government and Ministry of Industry and Trade roadmaps. Fifth, focus resources on the Dung Quat Refinery Expansion Project.

Chairman Le Manh Hung also commended BSR’s efforts in corporate social responsibility, particularly its timely disaster relief contributions in central provinces and STEM classroom sponsorships for schools.

BSR Chairman Bui Ngoc Duong expressed gratitude for Petrovietnam’s guidance and strategic direction, especially during this critical phase. BSR is committed to implementing these directives into actionable plans, enhancing production efficiency, fostering innovation, and ensuring sustainable development. BSR pledges to proactively and responsibly fulfill its assigned tasks in 2025 and beyond.