Dung Quat Refinery sets modest targets this year (Photo: VNA) Hanoi (VNA) - Dung Quat Refinery in the central province ofQuang Ngai is aiming to decrease its turnover by 17 percent this year, a 2017target of 62.4 trillion VND (2.77 billion USD).
Its 2017 profits are forecasted to plunge 66 percentfrom 2016 to 1.68 trillion VND.
The refinery plans not to export oil this year,while its exports in 2016 earned 28 million USD. Additionally, the firm isexpected to invest an additional 2 trillion VND and contribute 7.2 trillion VNDto the State budget, a 5.2 trillion VND reduction from the previous year.
The State-owned Binh Son Refining andPetrochemical Company (BSR), an affiliate of the Vietnam National Oil and GasGroup (PetroVietnam)--which operates the 3 billion USD refinery--has announcedits approved production, business and investment plans in the 2016-20 period.
Its total expected turnover in the five yearperiod was 573.7 trillion VND, with average turnover of 114.7 trillion VND ayear. It yielded oil prices of 90 USD per barrel.
BSR said they set the modest targets, despitehigh growth last year, because they foresee an expected drop in crude oilprices and a shorter production time.
Last year, its turnover was around 75.2 trillionVND, while its profit was more than 5 trillion VND. It contributed 12.4trillion VND to the State budget.
In 2016, it spent more than 1 trillion VND onits investments, spending 1.4 times more than the previous year.
Tran Ngoc Nguyen, BSR’s general director, told media that the set targets arebased on the speculative oil price of 50 USD per barrel.
In addition, the refinery will halt itsoperation within 52 days for its third overall maintenance in the middle of theyear.
However, we should strive for higher resultsthan the set targets, as the oil prices have increased in the world market. Themaintenance is also expected to be shorter than the scheduled plans, he added.
BSR also aims to maximise its operation andproduction to reduce costs, increasing effectiveness. It has striven to bringits total yearly capacity to 98 percent, with a total output of 5.8 milliontonnes.
The refinery meets around a third of Vietnam’s demandfor fuel and oil products.
It reported that last year, its average salaryand bonuses for leaders were 38.8 million VND a month, a sharp decrease from 44.9million VND in 2015.
It has proposed the Ministry of Labour, Invalidsand Social Affairs consider applying its special mechanism for managerialsalaries at companies with annual turnover over 100 trillion VND.-VNA
VNA
