The Binh Son Refining and Petrochemical Company, which operates the Dung Quat Oil Refinery, has set a target of producing 5.18 million tonnes of oil in 2014.— Photo BSR

QUANG NGAI (Biz Hub)— The Binh Son Refining and Petrochemical Company, which operates the Dung Quat Oil Refinery, has set a target of producing 5.18 million tonnes of oil in 2014. The figure, despite impressive, is still below last year's production volume.

The plan was unveiled at a conference held on Tuesday by the Binh Son Company under PetroVietnam, following news that the refinery would be closed for maintainance for two months this year.

With this output, the company is expected to collect more than VND113.6 trillion (roughly US$5.3 billion), contributing over VND13.7 trillion ($620 million) to the State budget.

The figures represent increases ranging from 11.4 per cent to 14 per cent, compared with the target set by PetroVietnam.

To realise the plan, the company has focused on managing and operating the Dung Quat Oil Refinery based in the central province of Quang Ngai, with regular maintenance and projects on the upgrading, expansion and privatisation of the plant, said Binh Son General Director Dinh Van Ngoc.

Last year, the company turned out 6.6 million tonnes of oil, up 17 per cent, and sold 6.5 million tonnes, up 14 per cent, earning revenues of more than VND150 trillion ($7.1 billion) and contributing over VND27.2 trillion ($1.2 billion) to the State budget, the highest amount over the past four years.

Dung Quat Oil Refinery took the initiative in signing contracts and ensuring the operation of the plant, in a bid to stabilise the market. — VNS