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In the first 9 months of 2024, BSR produced and sold nearly 4.8 million tons of various products. Photo: BSR

According to BSR's newly announced consolidated financial report for the third quarter of 2024, the company's third quarter revenue reached nearly 32 trillion VND, and the accumulated revenue for the first 9 months of 2024 reached more than 87 trillion VND.

Due to the recent sharp fluctuations in world oil prices, the crude oil price (Dated Brent) decreased from an average of 85.31 USD/barrel in July 2024 to 74.33 USD/barrel in September 2024, and the gap between crude oil price and product price (crack spread) also narrowed, leading to a sharp decrease in the company's profits. Despite many difficulties, the company's total assets still increased by more than 2.5 trillion VND, from 86.5 trillion VND to 89.1 trillion VND.

In the first 9 months of 2024, BSR produced nearly 4.8 million tons of products, continuing to make an important contribution to ensuring national energy security.

BSR representative shared that for the operations of oil refineries, the fluctuating oil prices and narrowing crack spreads have a huge impact on production and business activities. Fluctuating and rapidly falling oil prices are something that any refinery in the world must fear. In recent months, refining margins across Asia have reported a decline and hit their lowest level since 2020. This could lead to more capacity constraints at Asian refineries.

Analysts say that as fuel supplies increase after demand peaked in the summer, profit margins are now at their lowest in four years.

In that general context, Dung Quat Oil Refinery is also being strongly affected by fluctuating oil prices. At present, Dung Quat Oil Refinery must maintain stable production to ensure supply to the market, ensure national energy security, and seek solutions to overcome difficulties and challenges in the current market period.

According to BSR representative, at present, when facing difficulties due to the sharp drop in oil prices, BSR has focused on operating Dung Quat Oil Refinery at optimal capacity, while applying comprehensive cost-saving solutions, energy optimization, initiatives, technical improvements, solutions on management, production and business, etc., to cope with objective disadvantages from the international petroleum market.

However, BSR always focuses on promoting energy saving, regardless of favorable or difficult conditions. More than 70 technical innovation solutions have been applied in practice to significantly improve energy efficiency throughout the Dung Quat Oil Refinery.

Specifically, the Energy Intensive Index (EII), which characterizes the energy efficiency of the Plant, has decreased significantly from 118% before 2015 to 104-106% in 2020-2023, and decreased to about 100% after the overall maintenance of the plant in March-April 2024. The corresponding internal energy consumption decreased from over 7.4% to 6.8%.

According to the Solomon Foundation's assessment report, if refineries reduce their EII index by 1%, it will be equivalent to saving about 2.6 million USD/year.

Ngoc Minh