Dung Quat refinery operator expects $30 mln loss in Q4

Binh Son Refining and Petrochemical JSC (BSR), the operator of Vietnam's first oil refinery Dung Quat, is estimated to lose about VND723 billion ($30.5 million) in the fourth quarter of the year, while it recorded a profit of $112.8 million in the same period last year.

The company's revenue in the period is estimated at VND38,780 billion ($1.64 billion), up 12% year-on-year, according to information released at its year-end conference on Monday.

In 2022, the company's revenue is estimated at VND165,500 billion ($6.98 billion), up 64%, and after-tax profit at VND12,176 billion ($513.2 million), up 82% over the same period last year.

With the above results, BSR is estimated to contribute 17.8% of Petrovietnam's revenue, and 18.8% of the state-run parent group's after-tax profit.

BSR leaders said that the company has conquered the safe operating limit (new SOL) at Dung Quat Oil Refinery of 112% compared to the planned target of 103% of design capacity.

On December 8, Dung Quat Oil Refinery reached its year output target of 6,499,087 tons, hitting the finish line 23 days early. It is expected that for the whole year, BSR will produce about 7 million tons of products of all kinds.

On the UPCom, the BSR share closed Wednesday’s session at VND13,300 ($0.56).

Vietnam has two operational oil refineries - Nghi Son Refinery and Petrochemical complex in Thanh Hoa province, and Dung Quat Refinery in Quang Ngai province, both in the central region.