Vietnamese billion dollar oil refinery exits UPCoM to join HoSE
Binh Son Refining and Petrochemical Company (BSR) has announced its delisting from the UPCoM exchange on January 7, 2025, as it has been accepted for listing on the Ho Chi Minh City Stock Exchange (HoSE).
Consequently, over 244 million BSR shares will have their final trading session on UPCoM on January 6, 2025.
With over 3.1 billion BSR shares, including nearly 2.9 billion held by PetroVietnam, set to be listed on HoSE from January 17, 2025, the reference price for the initial trading day will be determined based on the average closing price of the last 30 consecutive trading sessions on UPCoM.
BSR started trading on UPCoM on March 1, 2018, with a charter capital of VND31 trillion (US$1.2 billion), of which the parent company, Vietnam Oil and Gas Group, holds 92.13% of the shares.
Since the beginning of 2024, BSR's stock has surged by 23% on the stock exchange, with a market capitalisation of approximately VND69 trillion.
BSR manages and operates the Dung Quat Refinery, Vietnam's first refinery. The project, inaugurated in 2005 with a total investment of VND3 billion, commenced operations in 2009.
The Dung Quat Refinery has an annual capacity of 6.5 million tonnes of crude oil with low sulfur content.
In recent developments, BSR has approved its interim production and business plan for 2025.
The company aims to achieve a production volume of 6.7 million tonnes, including 2.5 million tonnes of diesel, 2.2 million tonnes of RON 95 gasoline, 0.6 million tonnes of RON 91/92 gasoline, 0.6 million tonnes of Jet A1 fuel, with an estimated consumption volume of 6.6 million tonnes.
The business plan targets a total revenue of more than VND114.6 trillion, profit after tax of VND752 billion, state budget contributions of VND13 trillion and an average salary of approximately VND29.5 million per employee per month.
BSR plans to allocate VND500 billion for dividends, including VND461 billion for the parent company.
In 2024, BSR aimed for revenues slightly above VND95 trillion and profit after tax of VND1.1 trillion.
For the first nine months of the year, the company's consolidated gross revenue reached nearly VND87.1 trillion, equivalent to 91% of the annual plan, with profit after tax amounting to VND674 billion.
On the stock market, BRS shares closed on December 25 at VND22,400 per share, up 0.9%.
