PetroVietnam to privatize Binh Son Refining

State-owned Vietnam Oil and Gas Group (PetroVietnam) has decided to privatize Binh Son Refining and Petrochemical JSC (BSR), which is the owner of Dung Quat oil refinery, Vietnam’s sole operational refinery.

PetroVietnam will complete the valuation of BSR by December 31, 2015, the Lao Dong Thu Do online newspaper reported.

BSR had a registered capital of VND 35 trillion (USD 1.57 billion) as of December 31, 2014. It specializes in producing and trading gas and oil products.

In the January-October period, BSR produced more than 5.64 million tons of petroleum products, meeting 116% of the ten-month plan and more than 96% of the full-year target. Of the total output, the company sold 5.52 million tons, exceeding the ten-month target by 13%.