Binh Son Refining and Petrochemical Company (BSR) reported post-tax profits of nearly VND3.6 trillion (US$1.5 million) in the first seven months of 2018, meeting 172 per cent of its seven-month target and 103 per cent of the annual target.

BSR is a subsidiary of Viet Nam National Oil and Gas Group (PetroVietnam, PVN) and operator of the $3 billion Dung Quat Oil Refinery in the central province of Quang Ngai, the first oil refinery in the country.

The company earned VND66.5 trillion in revenue during the reviewed period, equivalent to 113 per cent of the seven-month target and 85 per cent of the annual target.

Production output was estimated at 4.139 million tonnes, accounting for 113 per cent of the seven-month plan and 66 per cent of the yearly plan. BSR consumed over 4.114 million tonnes of products, accounting for 113 per cent of the seven-month and 66 per cent of the yearly plan.

The company paid special attention to scientific research to increase cost savings for production activities. In the first 7 months of 2018, thanks to these efforts, BSR saved VND560 billion, exceeding the projected value by 16.8 per cent. Of the estimate, the reduction in processing cost was VND495 billion.

BSR also researched increasing the capacity of its plant to 118 per cent.

Dung Quat oil refinery expansion project is currently underway. The company has completed some main work such as choosing overall front-end engineering design (FEED), payment of compensation for site clearance, the selection of procurement and construction (EPC) contractors as well as the capital arrangement for the project. — VNS