BSR's petroleum products will become increasingly cleaner.

On the afternoon of November 15, Binh Son Refining and Petrochemical Joint Stock Company ( BSR ) held a workshop on policies, markets and new trends in petroleum business. Attending the workshop were Mr. Phan Van Chinh - Director of the Domestic Market Department of the Ministry of Industry and Trade . On the side of the Vietnam Oil and Gas Group (Petrovietnam), there was Mr. Le Xuan Huyen - Deputy General Director, representing the leaders of the Group's professional departments. On the side of BSR, there were Mr. Nguyen Van Hoi - Chairman of the Board of Directors, Mr. Bui Ngoc Duong - General Director, and members of the Board of Directors and the Board of General Directors. Overview of the Workshop on Policies, Markets and New Trends in Petroleum Business. At the workshop, the guests focused on clarifying new points and remaining issues mentioned in the draft Decree on Petroleum Management that the Ministry of Industry and Trade has just submitted to the Government. Issues such as domestic petroleum price management, the operation of the Petroleum Price Stabilization Fund, the petroleum distribution system, production trends, demand and petroleum business in the world until 2030, etc. were discussed and clarified by many delegates. Petrovietnam Deputy General Director Le Xuan Huyen and BSR Chairman Nguyen Van Hoi at the workshop. Speaking at the workshop, Mr. Phan Van Chinh - Director of the Domestic Market Department of the Ministry of Industry and Trade said that the new Decree on Petroleum Management was unanimously developed by the Ministry of Industry and Trade in the direction closest to the market. In particular, it is necessary to minimize unnecessary administrative procedures that are causing difficulties for petroleum businesses, clarify the operation of the Petroleum Price Stabilization Fund; and move towards announcing two petroleum prices including the average world market price and domestic petroleum price. Mr. Phan Van Chinh - Director of the Domestic Market Department of the Ministry of Industry and Trade introduced the draft Decree on Petroleum Business. Regarding petroleum business activities, Mr. Bui Ngoc Bao - Chairman of the Vietnam Petroleum Association said that petroleum is a commodity on the state's stabilization list, so when the market is stable, businesses should have the right to decide on their own petroleum prices. Currently, petroleum businesses cannot determine their profits but rely entirely on the world market due to the lag between world prices and domestic prices. Mr. Bao emphasized that businesses need to have the right to buy and sell freely with each other. Chairman of the Vietnam Petroleum Association Bui Ngoc Bao pointed out the shortcomings in the management of petroleum business. Energy expert Nguyen Thanh Nhon - Director of the International Energy Fund said that it is also necessary to review the regulations on petroleum storage when the price of petroleum is adjusted every 7 days while the storage regulation is 20 days. This not only affects the business of enterprises but also wastes resources in terms of warehouses, quality and finance. Therefore, it is necessary for enterprises to determine their own selling prices. "The draft Decree on petroleum business of the Ministry of Industry and Trade has created a safe corridor according to the laws of Vietnam and petroleum businesses, but it is also necessary to consider whether this corridor is wide enough, whether the legal corridor is wide enough to handle the increasingly rapid and unpredictable fluctuations of the world petroleum market or not?", Mr. Nguyen Thanh Nhon emphasized. Expert Nguyen Thanh Nhon - Director of the International Energy Fund introduced the trend of world petroleum production to 2030. One issue that many delegates were interested in at the workshop was the production of petroleum products meeting Euro 4 and Euro 5 quality by BSR in the coming time. Responding to this issue, BSR General Director Bui Ngoc Duong affirmed that BSR will definitely ensure the quality of petroleum products according to Euro 5 standards as soon as the upgrade of Dung Quat Oil Refinery is completed. In the past time, BSR has made efforts to improve the quality of products as well as the output of the Factory, meeting the requirements of customers. BSR is also researching and can produce sustainable aviation fuel products that meet the world's green energy standards by early 2025. In addition, BSR is also making efforts to transition energy, applying AI to reduce factory emissions. The production of products that meet high Euro emission standards requires a clear, synchronous roadmap and a safe legal corridor because upgrading Dung Quat Refinery will require a huge investment and a long time, so a clear result is needed to make an investment decision. BSR General Director Bui Ngoc Duong spoke about BSR's strategy in producing petroleum products. Regarding the trend of world petroleum consumption, energy expert Nguyen Thanh Nhon presented research showing that the world's petroleum demand will continue to increase sharply until 2032. In the energy transition trend, bio-fuel will be the main product, with large consumption, clean energy products will receive investment attention and dominate the world market. Mr. Nhon noted that to invest in petroleum products that meet Euro 6 standards, the amount of finance required will be 3 times the amount of finance invested in upgrading products from Euro 1 to Euro 3 emission standards. BSR Chairman Nguyen Van Hoi delivered a concluding speech at the workshop. In his concluding speech at the workshop, Mr. Nguyen Van Hoi - Chairman of BSR sent his gratitude to the partners and customers who have accompanied the Company over the years. Mr. Hoi also affirmed that the trend of energy transition is inevitable, and petroleum production and trading activities in Vietnam also need to closely follow this trend to produce cleaner and greener products for the environment. Source: https://bsr.com.vn/?lang=vi#/bai-viet/san-pham-xang-dau-cua-bsr-se-ngay-cang-sach-hon