In the first 6 months of the year, BSR produced 2.85 million tons of products.

At the conference, Mr. Bui Ngoc Duong - General Director of BSR reported on the production and business situation in the first 6 months of 2024 and the tasks for the last 6 months of the year. Implementing the management motto of "Managing fluctuations, renewing old motivations, supplementing new motivations, creating new energy sources, reaching new heights" and effectively implementing 8 groups of motivations and solutions directed by the Vietnam Oil and Gas Group ( Petrovietnam ), in the first 6 months of 2024, BSR exceeded the production and business plan targets and the management plan for the first 6 months of the year.

Accordingly, BSR produced 2.85 million tons of products (consumed 2.75 million tons), reaching 119% of the plan; total revenue was 55.3 trillion VND, reaching 139% of the plan; paid to the state budget more than 5.7 trillion VND, reaching 131% of the plan and profit exceeded the plan.

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Mr. Le Ngoc Son - General Director of Petrovietnam (2nd from right) and the working delegation inspected the operation of Dung Quat oil refinery.

Quat at the factory's Central Control Room

Notably, in the first 6 months of 2024, BSR successfully carried out and completed the 5th general maintenance of Dung Quat oil refinery. The enterprise also successfully tested increasing the capacity of CDU workshop to 118%, RFCC to 110%, KTU to 140% of the design capacity; tested processing of new crude oil Bunga Orkid at 20% vol and successfully produced 500 tons of new product thermoformed PP plastic granules TF4035.

Currently, Dung Quat Oil Refinery is operating stably at optimal capacity. The plant's Energy Efficiency Index (EII) has been lower than 100% for the first time since it began operations, demonstrating BSR's outstanding efforts in optimizing production and saving energy.

With outstanding production and business results in the first 6 months of the year, BSR was recognized by Petrovietnam as the unit that comprehensively completed the management plan for the first 6 months of 2024.

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At the conference, Mr. Bui Ngoc Duong - General Director of BSR reported on the production and business situation in the first 6 months of the year and tasks for the last 6 months of 2024.

In order to successfully complete the goals and tasks for the last 6 months of the year and the whole year of 2024, BSR has proactively proposed 8 groups of solutions: group on corporate culture; group on policy institutions; group on corporate governance; group on expanding scale, improving capacity, productivity and efficiency; group on expanding markets and international business; group on investment governance; group on finance; and group on perfecting the strategy in sync with Petrovietnam's restructuring plan.

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Mr. Nguyen Van Hoi - Chairman of BSR Board of Directors reported at the conference

Reporting at the conference, Mr. Nguyen Van Hoi - Chairman of BSR's Board of Directors added: "In the difficult context, BSR has implemented many groups of solutions to overcome. Including cost reduction by promoting scientific research, applying initiatives and creativity in production and business. Thanks to initiatives and creativity, BSR has saved tens of millions of USD from reducing crude oil loss in processing. Other creative solutions also help BSR save tens of millions of USD".

4 groups of solutions for BSR to develop in the coming time

Speaking at the conference, Mr. Bui Minh Tien - Member of the Board of Directors of Petrovietnam made comments on the future development trend of the energy industry: "I want BSR to pay attention to preparing for many situations, not to be passive in the strong energy transition trend. BSR also needs to focus on developing the business market, promoting research and development, doing a good job of optimizing and developing new products".

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Petrovietnam delegation visits exhibition booth of new products of Dung Quat oil refinery

To overcome challenges and difficulties in the coming time, Mr. Le Ngoc Son - General Director of Petrovietnam directed BSR to focus on 4 groups of solutions.

Specifically, the unit needs to focus on resource management, risk management, promoting digital transformation, moving towards digital thinking, and enhancing corporate culture. BSR needs to boldly promote decentralization and delegation of authority in the spirit of modern governance.

In the context of the fluctuating international crude oil market, the coming time is considered to be difficult for both Petrovietnam and BSR. BSR needs to simultaneously implement many management measures to maintain stability, thereby creating a fulcrum to gradually overcome difficulties. Forecast and evaluate the crude oil situation as well as prepare new crude oil sources for Dung Quat refinery.

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Petrovietnam General Director - Le Ngoc Son delivered a concluding speech at the conference.

In addition, BSR needs to carefully develop a long-term development strategy, in line with Petrovietnam's strategy, and provide specific directions from now until 2035. And the inevitable trend is to develop in conjunction with green transformation.

Finally, regarding the recommendations and proposals of the unit, Petrovietnam will provide maximum support, step by step resolve the recommendations on the basis of compliance with current laws, increasing chain linkages and closely following the actual situation at the unit.

On this occasion, Mr. Le Ngoc Son and the Petrovietnam delegation visited, encouraged and presented gifts to BSR employees working at the Central Control Room of Dung Quat Oil Refinery. The Petrovietnam delegation also visited the area introducing the whole view of Dung Quat Oil Refinery and the exhibition of the factory's new products.

Ngoc Minh