Binh Son Refinery and Petrochemical Co Ltd (BSR) on Thursday signed an agreement with the Vietnam National Petroleum Group (Petrolimex) on cooperation in boosting sales of petrol products produced by the Dung Quat Refinery.

This is an important collaboration between BSR, which operates the Dung Quat Refinery with an annual capacity of 6.5 million tonnes of petroleum products, and Petrolimex, the petrol retailer covering two-thirds of Viet Nam’s market share.

Under the deal, Petrolimex will give top priority to the sale of petrol, liquefied petroleum gas and other petrochemical products produced by the Dung Quat Refinery, including exporting Dung Quat’s products to Laos and Cambodia.

The two sides will also consider possibilities of cooperation in the fields of insurance and transport.

In particular, Petrolimex and BRS expressed their wish to become each other’s strategic shareholders. Accordingly, Petrolimex will purchase BSR’s shares after the latter completes the initial public offering (IPO), scheduled by the end of this year.

After over seven years of operation, BSR has produced and sold more than 47.2 million tonnes of products, meeting 40 per cent of the domestic petrol demand.

The company’s total revenue hit over US$36 billion and contributed over $7 billion to the State’s coffer, more than double the investment in the refinery. – VNS