Petrolimex, BSR join hands to sell Dung Quat Refinery products

The Vietnam National Petroleum Group (Petrolimex) signed an agreement with the Binh Son Refinery and Petrochemical Co Ltd (BSR), on August 10, to cooperate in boosting sales of petroleum products produced by the Dung Quat Refinery.

The signing ceremony
The signing ceremony

In the deal, Petrolimex and BSR noted their wish to become each other’s strategic shareholders through Petrolimex’s purchase of BSR shares, after BSR conducts equitisation and completes their Initial Public Offering (IPO).

Petrolimex will give top priority to the sales of petrol, LPG and other petrochemical products made by the Dung Quat refinery, which is operated by BSR.

The two sides will collaborate to export Dung Quat’s products to Laos and Cambodia.

They will also consider the possibilities of cooperation in the fields of insurance and transport.

Addressing the signing ceremony, BSR Director General Tran Ngoc Nguyen said that the company aims to make their IPO at the end of this year.

In the 7 years that the company has been in operation, BSR has produced and sold more than 47.2 million tonnes of products, meeting 40 percent of the domestic petrol demand. The company grossed total revenues of over US$36 billion and paid over US$7 billion to the State coffer, more than double of the investment in the refinery.

Meanwhile, Petrolimex holds the largest share of the domestic petrol market.