Binh Son Refining and Petrochemical Company Limited (BSR) in the central province of Quang Ngai has officially been operating as a joint stock company since July 1, 2018.

This change follows the directive of Prime Minister Nguyen Xuan Phuc in accelerating the equitisation process of State-owned enterprises (SOE) during the 2016-20 period.

Through the transforming into a joint stock company, BSR hopes to seek foreign strategic investors to help the company develop petrochemicals business, as well as increase its product quality and competitiveness.

The company’s legal representative is Tran Ngoc Nguyen, the general director of the firm.

Binh Son Refining and Petrochemical Joint Stock Company is responsible for receiving, managing and operating Dung Quat Oil Refinery Plant. After nine years of operation, Dung Quat Oil Refinery has generated about US$38 billion in revenue and contributed nearly $7 billion to the State budget.

In the first six months of 2018, BSR produced 3.56 million tonnes of products, consuming nearly 3.6 million tonnes of finished products, fulfilling 57 per cent of the yearly plan. The firm’s revenue and after-tax profits are estimated at nearly VND55.36 trillion ($2.4 billion) and VND2.95 trillion, equivalent to 69.7 per cent and 84.7 per cent of the plan set for the whole of 2018, respectively.

The company also contributed approximately VND5.81 trillion to the State budget in the first half of 2018.

On December 8, 2017, the Prime Minister signed the Decision No 1978 / QD-TTg approving the equitisation plan of BSR.

On January 17, 2018, BSR successfully held the first public auction of shares at the HCM City Stock Exchange (HOSE), with a total of 241,556,969 shares (equivalent to 7.79 per cent of BSR), earning the State budget about VND5.5 trillion. The average price was VND23,043 per share. It marked Viet Nam’s largest IPO this year, valuing the company at $2 billion. — VNS