The BSC said on January 18 that over the past 15 years, the refinery plant has operated safely and stably at up to 110% of its designed capacity, helping to ensure energy security and economic development in the locality and the nation as a whole.

Since 2009, the plant has gained more than 1.57 quadrillion VND (63.66 billion USD) in revenue, contributed around 220 trillion VND to the state budget and earned after-tax profit of 49.2 trillion VND.

According to BSR Chairman Nguyen Van Hoi, the company will continue purchasing materials from both domestic and foreign partners, and enhancing the processing so as to increase oil and gas supply for the market.

Last year, the BSR’s output topped 7.35 million tonnes, exceeding 31% of the yearly plan.

In January and February of 2024, the Dung Quat refinery plant plans to produce more than 1 million tonnes of products.

The refinery will be expanded to raise its capacity to 171,000 barrels per day, up from 148,000, with a total investment of 1.26 billion USD.

Under a decision signed by Deputy Prime Minister Tran Hong Ha, the BSR will provide 503 million USD from its equity and the remaining from loans.

The company, a subsidiary of state-owned Vietnam Oil and Gas group (Petrovietnam), will set up and put into operation additional technology workshops for the processing of crude oil with higher sulfur content in accordance with the “Euro 5 standard”. The 10.6ha refinery will be expanded by 41ha, and is scheduled to be finished in the first quarter of 2028.

Vietnam is currently home to two operational oil refineries. In addition to Dung Quat, the Nghi Son Refinery and Petrochemical LLC located in the north-central  province of Thanh Hoa is the country’s latest and largest refinery./.VNA