Vietnam's Binh Son Refining and Petrochemical recorded net profit of USD424 mln in the second quarter, up by nearly six times from a year earlier, said Reuters.
Binh Son, which owns a 130,000-bpd refinery in central Vietnam, said in a statement the recent surge in domestic fuel prices was behind its profit jump. It also said it had been operating above capacity this year to meet domestic fuel demand amid a an output cut in Vietnam's other refinery.
As per MRC, Vietnam's Binh Son Refining and Petrochemical will this year roll out a USD1.2 B plan to upgrade and expand its Dung Quat refinery, raising its processing capacity to 7.6 MMt of crude oil a year from 6.5 MMt. The upgrade and expansion work is scheduled to be completed by the end of 2025, the company said in a statement, adding that 60% of the funds needed for the plan will come from loans. The refinery in Vietnam's central province of Quang Ngai plans to raise the proportion of imported crude oil it processes to 35%-46% this year from 21.4% last year, it said. It targets output 6.5 MMt this year, unchanged from last year.
We remind that NSRP resumed operations at its new polypropylene (PP) plant in Vietnam on 17 October, 2021, after an unscheduled maintenance. The 400,000 mt year of PP plant was unexpectedly shut on 7 October, 2021, due to a technical glitch.
According to MRC's ScanPlast report, PP shipments to the Russian market totalled 1,494.280 tonnes, up by 21% year on year. Deliveries of homopolymer PP and PP block copolymers increased, whereas shipments of PP random copolymers decreased significantly.
mrchub.com