Dung Quat refinery earns 26 mln USD in Q1’s post-tax profit

The Dung Quat oil refinery, based in the central province of Quang Ngai, exceeded its designed capacity by 7 percent in the first quarter of 2019, helping it gain over 606 billion VND (26 million USD) in post-tax profit during the period.

dung quat refinery earns 26 mln usd in q1’s post-tax profit hinh 0
A view of the Dung Quat oil refinery (Photo: VNA)

In Q1, the factory turned out more than 1.7 million tonnes of products and earned over 23.05 trillion VND in revenue. It contributed some 2.44 trillion VND to the state budget, according to the financial report for Q1 of the Binh Son Refining and Petrochemical JSC (BSR) – a member of the State-owned Vietnam Oil and Gas Group and the operator of the refinery.

The BSR said global crude oil prices fluctuated unpredictably from Q4 of 2018 through February this year. Facing that fact, the company took many drastic and timely measures, including aligning the Dung Quat refinery’s operations with the market, promoting marketing activities, and boosting energy and technology optimisation solutions.

As a result, its profit in Q1 improved considerably compared to the previous quarter.

To achieve this year’s targets, the BSR will continue working to ensure its factory operates safely and stably and at 105 – 107 percent of the designed capacity.

The firm will also press on with restructuring its apparatus while upgrading and expanding the Dung Quat refinery as scheduled.

VNA

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