HCMC – Prime Minister Pham Minh Chinh praised the positive performance of the Dung Quat Refinery in the coastal province of Quang Ngai and urged the Vietnam Oil and Gas Group (PetroVietnam) to promptly undertake a facility upgrading project.

He made the statement at a working session on January 1 with the Binh Son Refining and Petrochemical Joint Stock Company (BSR), the operator of Dung Quat Oil Refinery and a PetroVietnam subsidiary.

PM Chinh emphasized the operational success of the Vietnamese-built Dung Quat Refinery, which has contributed to the country’s ability to meet 70% of domestic oil and gas demands.

Previously, PVN requested approval for a US$1.2 billion upgrade and expansion project at Dung Quat. The proposal has faced certain difficulties in terms of regulations on oil and gasoline prices.

In 2022, BSR produced seven million tons of multiple petroleum products, providing 30% of the country’s oil and gasoline demand.

Last year, the company reported revenue of VND167,000 billion and after-tax profit of VND13,000 billion.

BSR paid around VND18,300 billion in taxes to the State budget.

The US$3 billion refinery has an annual production of 6.5 million tons of fuel. The facility has been in operation since 2010.