Vietnam's Binh Son Refining and Petrochemical Plans Expansion with New Crude Oil Deals

Vietnam's Binh Son Refining and Petrochemical is negotiating with Russian partners to buy crude oil and expanding its sources to Africa, the US, and Southeast Asia. The company plans to increase product output and storage capacity, aiming for a record 8.3 million tons of petroleum products this year.

Vietnam's Binh Son Refining and Petrochemical is actively negotiating with Russian collaborators to acquire crude oil, extending its sourcing regions to Africa, the United States, and Southeast Asia.

BSR has already purchased significant volumes of Nigerian Erha and Angolan Palanca crude, but Russian crude remains unpurchased, according to company sources. Their strategy includes running the refinery at 123% capacity to achieve an unprecedented production goal this year.

Additionally, the company is enhancing its oil storage capabilities, expecting a new facility to be operational by May, as part of its ambition to produce 8.3 million tons of petroleum products in 2023.

(With inputs from agencies.)