The Dung Quat Oil Refinery Plant
This is an encouraging result in the context of world crude oil price changes from the fourth quarter of 2018 to the end of February 2019.
According to Platts Magazine, a review on oil and gas, during the period from the end of January to the beginning of February, prices of BSR’s key products Mogas 95 and Mogas 92 are lower than that of Dated Brent crude oil.
BSR is also optimizing operation of the Dung Quat Oil Refinery Plant by adjusting the structure of products, applying overall solutions such as optimizing operating expenses, innovating techniques, and reducing crude oil storage in order to help the company to achieve profits in the first quarter of 2019.
Regarding the project of upgrading and expanding the Dung Quat Oil Refinery Plant, the Ministry of Natural Resources and Environment has issued a decision approving report on environmental impact from the project.
The approval is a legal foundation for BSR to collect ideas from shareholders for the ratification of FEED design contents and estimates of the project.
So far, premise clearance work has reached 99.8% of the progress. As planned, on March 31st, 2019, the central province of Quang Ngai will hand over all 108.2 hectares of clean land for the project to the managing board of the project.
The Dung Quat Oil Refinery Plant has a Polypropylene production workshop with a capacity of 150,000 tons a year, which has been put into commercial operation in 2010 and met nearly 30% of domestic Polypropylene demand.
Besides the use of Propylene material from RFCC workshop, the discovery of the Blue Whale Gas field is a great opportunity to provide additional gas material for the manufacturing of plastic and other high-end petrochemical products.
The gas field, with a reserve of about 15.7 TCF (445 billion m3), is the largest in Vietnam. It is expected to be put into use from 2023 with an average of 7.2 billion m3 a year in the first phase and 8.8 billion m3 a year after the field is expanded./.