That was the directional speech of Chairman of the Board of Directors of the Vietnam National Industry - Energy Group (Petrovietnam) Le Manh Hung at the working session of the Petrovietnam Working Group with Binh Son Refining and Petrochemical Joint Stock Company (BSR) on November 23, at Dung Quat Oil Refinery.
The working group also included Petrovietnam Board of Directors members Bui Minh Tien and Pham Tuan Anh; representatives of the professional departments. On the side of BSR, there were Chairman of the Board of Directors Bui Ngoc Duong, General Director Nguyen Viet Thang, members of the Board of Directors, General Board, Inspection Board, Factory Board of Directors and leaders of member units.
The working program focuses on evaluating the production and business results (SXKD) in the first 11 months of 2025, building solutions and motivations for implementing the production and business plan for 2026; at the same time, discussing the development orientation for the period 2026 - 2030 and issues on investment and restructuring of BSR in the following stages.
At the meeting, General Director Nguyen Viet Thang reported the production and business results for 11 months and estimated to be implemented for the whole year of 2025. BSR has produced 7.24 million tons of products; revenue is 130,520 billion VND; paid 13,072 billion VND to the budget; pre-tax profit is estimated at 3,595 billion VND. The 11-month targets all exceeded the assigned management plan.
Mr. Nguyen Viet Thang analyzed the reasons for achieving and exceeding the plan: BSR deploys comprehensive fluctuation management; Dung Quat Refinery operates about 120% of the designed capacity; production - consumption output exceeds the plan; product prices remain high while crude oil prices decrease, helping crack spread expand. The company also strengthens market analysis, takes advantage of high-priced windows, optimizes cash flow and applies many solutions to increase revenue and financial profits.
BSR expands and diversifies its product portfolio, developing many high-value products such as F3030, T3045, P3034, TF4035; new products such as SAF, sulfur, E10 RON95 gasoline... contributing about 1.54 trillion VND. BSR also optimized energy, loss, catalytic costs, significantly reduced operating costs, and reduced VND751.7 billion in 11 months, exceeding the annual reduction plan by 23%.
Regarding the 2026 plan, in addition to traditional solutions, BSR will build a set of breakthrough solutions to grow and exceed targets. The goal is to increase the average operating capacity to 123% - 125% of the designed capacity to increase revenue by more than VND6,000 billion, compensating for the shortfall due to the decrease in crude oil prices. The company aims to increase international business, striving for revenue of over VND 8,000 billion from product sales and buy-sell business.
BSR constantly promotes innovation, develops new products, and strives for revenue of more than 57,000 billion VND. The company also promotes production outside the factory through leasing, M&A and developing services to supply to the market, setting a minimum target of VND500 billion and aiming for VND3,000 billion when eligible.
Chairman of the Board of Directors Bui Ngoc Duong said that BSR has accepted Petrovietnam's instructions, applying 6 comprehensive groups of solutions from production, business, flexible operation to ensuring raw materials, especially intermediate materials. The company maintains a flexible sales policy, increasing revenue from purchasing and selling components; expanding the market to neighboring countries. BSR also streamlined its apparatus, restructured its organization, improved risk management and optimized finance.
After listening to the opinions of Petrovietnam's Board of Directors and BSR's leaders, Chairman Le Manh Hung acknowledged BSR's efforts in the context of difficult market conditions. The 11-month and annual targets are expected to exceed the plan.
He directed BSR to focus on 5 key contents: (1) absolute safety control for Dung Quat Refinery; planning investment portfolio, potential products and services; market - customers and management system; (2) promoting output growth, expanding international business; (3) optimizing resources, increasing production and business efficiency and finance, promoting new products; (4) producing Biological fuels in 2025 to serve the blend of E5, E10 biofuel; (5) focusing on implementing the Dung Quat Refinery Upgrading and Expansion Project.
The Chairman of Petrovietnam highly appreciated BSR's efforts in social security, disaster relief in the Central region and support in building STEM classrooms.
BSR Chairman Bui Ngoc Duong expressed his gratitude for Petrovietnam's attention and close direction; affirmed that BSR will concretize the direction into an action plan, continue to improve production and business efficiency, promote scientific research, innovation and sustainable development; determined to successfully complete the tasks in 2025 and the following years.
