On October 15 in Ho Chi Minh City, Vietnam Oil and Petrochemical Corporation BSR announced its first nine-month 2026 results and discussed its outlook, key projects and growth strategy.
Production maintained and crude oil supplies secured
BSR produced about 6.15 million tonnes and sold about 6.08 million tonnes. Revenue reached about VND164.53 trillion, state budget payments were about VND10.51 trillion and profit exceeded the plan.
The outlook for late 2026 and 2027 was relatively positive because of rising domestic fuel demand, stable high-capacity operations at Dung Quat and an expected favorable refining margin. Results still depend on oil prices, crack spread, geopolitical conditions and the TA6 turnaround planned for 2027.
BSR has largely arranged crude supplies through the end of 2026 and is keeping inventories within set limits. Vietnamese crude is expected to account for about 88%, up from the initial plan of 70% domestic and 30% imported crude. The company also sources crude from West Africa, the Mediterranean, the United States and South America.
Accelerating key projects and expanding production capacity
After signing the EPC contract on July 9, the Dung Quat upgrade and expansion project entered design, procurement and supplier prequalification. Site preparation was about 90% complete by early October. BSR aims to hand over the site in 2026 and prepare new-facility connections during TA6.
In 2025, BSR completed a plan to increase charter capital from VND31 trillion to VND50 trillion. It is assessing financing options and expects possibly to draw funds in 2027.
BSR expects a National Refining, Petrochemical and Energy Centre in Quang Ngai to attract investment. It is also integrating refining, petrochemicals, green energy and lower-carbon products.
BSR has commercialized E10 RON95 gasoline, with cumulative output of about 400,000 cubic meters by the end of September 2026. The Dung Quat Biofuel Plant restarted in January 2026. BSR produced trial SAF batches, obtained ISCC EU certification in June 2025, developed SMFO with ISCC PLUS certification from January 2026 and has rolled out B5 biodiesel since August.
BSR is preparing a 100,000 to 150,000-tonne-per-year SAF plant for around 2030 and studying renewable diesel production at the LCO-HDT unit.
Sources: Thanh Niên
