Dung Quat Oil Refinery contributes more than 200,000 billion VND to the budget

Quang Ngai After 15 years of operation, Dung Quat Oil Refinery has total revenue of 1.7 million billion VND, contributing 207,000 billion VND to the budget.

The above information was stated by Mr. Bui Ngoc Duong - General Director of Binh Son Refining and Petrochemical Joint Stock Company ( BSR - a subsidiary of the Oil and Gas Group and the operator of Dung Quat Oil Refinery) - at the 15th anniversary of the establishment of the plant operator on May 9.

Mr. Duong said that last year alone, BSR produced and sold more than 7 million tons of products, with revenue reaching nearly 169,000 billion VND, paying over 19,000 billion VND to the budget and after-tax profit of nearly 14,700 billion VND, the highest since Dung Quat oil refinery came into operation.

This figure contributed up to 56% of Quang Ngai province's budget last year, putting the province in the top two of the five provinces in the Central key economic region, 18th out of 63 provinces and cities, and in the top 10 provinces and cities with domestic revenue of over 20,000 billion VND.

Compared to other state-owned corporations and groups, Dung Quat Oil Refinery's budget contribution is quite large. Last year, BSR's budget contribution was nearly equal to that of the Electricity Group (VND22,500 billion) and the Vietnam Coal and Mineral Group (VND21,300 billion). The budget contribution of this factory also far exceeded that of other state-owned corporations such as the Vietnam Posts and Telecommunications Group (VND5,000 billion) and the Vietnam Rubber Industry Group (VND4,000 billion).

Dung Quat Oil Refinery is Vietnam's first oil refinery, built 26 years ago to ensure energy security and create development momentum for Quang Ngai province and the Central region.

The factory has a designed capacity of 6.5 million tons per year, using crude oil from Bach Ho field as the main raw material. In February 2009, the factory's first commercial product line was released. To date, after 15 years, the company has processed more than 94 million tons of crude oil, and sold more than 86 million tons of products to the market. Currently, BSR has more than 1,500 highly skilled technical personnel.

Dung Quat Oil Refinery. Photo: BSR — Dung Quat Oil Refinery. Photo: *BSR*

The company produces traditional products such as RON A92/95 gasoline, automotive diesel, propylene gas and polypropylene resin, liquefied petroleum gas (LPG), kerosene, jet fuel Jet A1 and fuel oil (FO). In addition, BSR has researched and produced many more types, including jet fuel Jet A-1K and diesel L-62 used for strategic military equipment of the Ministry of National Defense.

Mr. Dang Van Minh, Chairman of Quang Ngai People's Committee, assessed Dung Quat Economic Zone as the growth nucleus of the province with the heart being Dung Quat Oil Refinery. "This factory has transformed Quang Ngai from a poor province whose budget depended on central support to a province with a large contribution to the budget," said Mr. Minh.

General Director of the Oil and Gas Group Le Manh Hung said that in the coming time, BSR needs to research and optimize processes, diversify products, and adapt to meet the removal of tariff barriers when Free Trade Agreements (FTAs) take effect from 2024. At the same time, the company needs to successfully implement the Dung Quat Oil Refinery Upgrade and Expansion Project.

Vietnam currently has two oil refineries, Dung Quat and Nghi Son, operating with a total capacity of 14 million tons of petroleum per year, meeting about 70% of domestic petroleum demand. Of this, Dung Quat Oil Refinery contributes about 35%.

Pham Linh

Source link