Binh Son Refining and Petrochemical Co Ltd (BSR), operator of Dung Quat Refinery, has targeted total revenue of nearly VND78.4 trillion (US$3.44 billion), State budget contribution of some VND8.33 trillion and profit-after-tax of more than VND3.47 trillion in 2018.

It was one of the contents at BSR’s conference to review the company’s performance in 2017 and assign tasks for 2018 held in the southern central province of Quang Ngai last week.

Tran Ngoc Nguyen, BSR’s general director, said in 2017, BSR exceeded planned targets with production output of 6.1 million tonnes, consumption output of nearly 6.1 million tonnes. Turnover was estimated at nearly VND80.52 trillion, contribution to the State budget was VND10.34 trillion and profit-after-tax was some VND8.04 trillion.

In 2017, Dung Quat Oil Refinery operated continuously, stabilising at an average capacity of 105 per cent designed capacity. The third maintenance activity for the 7,000 main equipment categories of the plant in June and July were completed and exceeded the targets set.

This year, BSR planned to implement 19 energy optimisation solutions, saving some $1.45 million per year for the company. In addition, BSR’s cost saving in 2017 was estimated at VND932.82 billion (surpassing 97.2 per cent of the plan).

Viet Nam National Oil and Gas Group (PVN)’s general director emphasised that BSR has contributed significantly in PVN. The revenue of BSR accounted for 16 per cent of PVN’s total revenue. Its contribution to the State budget accounted for 10 per cent of PVN. In addition, BSR contributed 33 per cent of PVN’s total profit.

With regard to equitisation, BSR will be the largest enterprise to be equitised ever, with a value of some $3.2 billion. The company plans to sell 242 million shares at an initial price of VND14,600 per share, equivalent to 7.79 per cent of its charter capital, at its initial public offering (IPO) on January 17, 2018, at the HCM Stock Exchange.

BSR has targeted collecting some VND4 trillion for State coffers via this IPO. In the next phase, BSR will sell 49 per cent of charter capital to strategic investors, collecting nearly $1 billion for the State. — VNS