BSR's strategy for managing fluctuations and flexible adaptation
Fluctuating crude oil prices have led to narrowing refining margins, creating financial pressure for oil and gas corporations and companies worldwide.
Binh Son Refining and Petrochemical Joint Stock Company (BSR) has quickly adapted and responded to the decline in oil prices to withstand and overcome the current difficult period. BSR has developed and implemented a volatility management strategy, focusing on maintaining operational flexibility, optimizing available resources, saving costs, enhancing market forecasting, developing response scenarios, and promptly and flexibly adjusting production plans to suit market changes.
Regarding crude oil and input materials, BSR is increasing its search and processing of new types of oil, especially imported oil, to improve the flexibility of the Plant...
BSR continues to seek opportunities to import components for processing to increase economic efficiency. Research on processing VGO/Residue (intermediate components) to ensure the capacity of the RFCC plant in the case of processing low residue oil.
BSR has successfully researched and applied the increase in output of high-value products such as ADO, Jet - A1, PP, and increased the ratio of Mogas 95/Mogas 92 gasoline products from 40%/60% according to the original design to over 70%/30%. BSR continues to implement innovative solutions to increase the ratio of Mogas 95 gasoline, aiming to increase the market share of Mogas 95 gasoline production in the coming years.
In addition, BSR also regularly assesses and assesses the market situation to have appropriate solutions, proactively develops preventive solutions, and limits the impact in case of oil price adjustment.
Maintenance work is also organized by BSR periodically, regularly, effectively and at optimal cost, ensuring operational safety and stable operation of the Factory.
BSR promotes the synchronous implementation of effective risk control solutions at the Plant; researches and implements solutions to minimize Plant maintenance costs; changes operating modes; researches, develops, produces and applies new chemical and petrochemical products, advanced materials, clean fuels from domestic raw materials, etc.
In particular, in management, BSR aims to participate in new business areas, including trading crude oil and petrochemical products; providing services, including operations and maintenance, overall maintenance management, project management, safety management, quality assurance/quality control (QA/QC) and training.
BSR has issued the 2024 Program for practicing thrift and combating waste, the Directive on improving production and business efficiency in the last months of the year to complete the 2024 Management Plan and the Directive on implementing waste prevention and combat in the new context, aiming to strive to optimize and reduce at least 10 - 15% of production and business costs compared to the plan (excluding crude oil costs and fixed asset depreciation).
Maintain safe and stable factory operations and promote scientific research
Implementing the Government's direction on ensuring energy security for the country, preventing oil and gas shortages and performing the business functions of the enterprise, BSR has operated Dung Quat Refinery flexibly, the technology workshops are operated at the most optimal capacity, the product structure is suitable, meeting the needs of the market. This has contributed to minimizing the negative impacts of the oil and gas market.
BSR also focuses on researching and developing new products, especially products that are in high demand in the market and have high prices. In recent times, BSR has optimized the increase of market share of new products.
Specifically, BSR has developed and put into commercial operation 14 new products including 6 new PP resin products (T-3045, T-3050, I3085, I-3150, BOPP, TF4035) and 8 fuel products, of which 3 are special fuels for national defense (JetA-1K, ADO-L62, A83 Gasoline), 1 marine fuel (Marine FO) and 4 other products as raw materials for petrochemicals: Treaed -LCO, Full Range Naphtha, RFCC Naphtha and Mixed C4.
Energy saving work has applied more than 70 technical innovation solutions to help significantly improve energy efficiency throughout Dung Quat Refinery.
By synchronously implementing solutions to manage fluctuations in production and business activities, BSR expects to maintain stability in production and minimize risks from oil price fluctuations and sharp declines, and seize and take advantage of opportunities when the market shows signs of recovery.
