18-Mar-2023 Intellasia |
Binh Son Refining and Petrochemical, which operates the Dung Quat Oil Refinery, estimated its profit will fall by 89 percent to VND1.6 trillion ($67.86 million) this year against last year.
The profit decline is mainly because its Dung Quat Oil Refinery will stop operation for maintenance for some 50 days.
Binh Son also expected its consolidated revenue to fall 43 percent to VND95.6 trillion. The company has planned to produce and sell 2.3 million tonnes of diesel oil, 1.4 million tonnes of RON E95 gasoline, and other products this year.
Its plan was based on the price of crude oil reaching $70 per barrel in 2023.
Binh Son reported a net profit of nearly VND14.5 trillion last year, up 115 percent from the previous year, with a net revenue of VND167.123 trillion for a 65 percent increase.
Dung Quat in central Quang Ngai Province and the Nghi Son Refinery in the central province of Thanh Hoa account for around 70 percent of the country’s fuel demand. The rest is imported.
Category: Business, Vietnam
Article source: https://www.intellasia.net/binh-son-profit-down-89pct-due-to-refinery-maintenance-1154506
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