Dung Quat Oil Refinery, the first refinery of Viet Nam. The Viet Nam Oil and Gas Group, or PVN, will equitise the Binh Son Refining and Petrochemical Limited Company (BSR). — VNA/VNS Photo Ha Thai

HA NOI (Biz Hub) — The Viet Nam Oil and Gas Group, or PVN, will equitise the Binh Son Refining and Petrochemical Limited Company (BSR).

According to a statement released on November 10, PVN will calculate the corporate value of BSR on December 31 this year.

BSR has initiated several activities to prepare for the equitisation, including implementing the equitisation plan, promoting related activities to find partners to buy shares and searching for consultancy firms to estimate the value of the company's assets.

BSR is managing the Dung Quat Oil Refinery, the first refinery of Viet Nam. The company's main activities are producing and selling petroleum products, biofuels and polypropylene plastic beads.

The company has a charter capital of VND35 trillion (US$1.56 billion) and 1,500 employees. In the first 10 months of this year, BSR produced 5.64 million tonnes of products in various categories, achieving 116 per cent of the 10-month target and 96 per cent of the company's target this year.

BSR sold 5.52 million tonnes of products, equivalent to 113 per cent of the 10–month target and 94 per cent of this year's target. The company contributed more than VND18.3 trillion ($815.9 million) to the state budget.

BSR also signed a contract on August 28 with the United Kingdom-based Amec Foster Wheeler Energy Limited for the preparation of a master design for the Dung Quat Oil Refinery expansion project in the central Quang Ngai Province.

The contract work, worth US$25.6 million, was launched at the beginning of August and will continue till November 2016. —VNS