Binh Son Refinery and Petrochemical JSC (BSR), a wholly-owned subsidiary of PetroVietnam, acquired VND3 trillion ($130.43 million) in profit in the first six months of 2021 thanks to the soaring price of West Texas Intermediate (WTI) oil.
|Binh Son Refinery has benefited greatly from skyrocketing oil prices |
In its business statement for the first six months, Binh Son Refinery (BSR) reported a revenue of VND49.48 trillion ($2.15 trillion) in revenue and paid VND5.45 trillion ($236.96 million) into the state budget.
In the first six months of the year, the average price of WTI oil was $40 per barrel and at one time it even climbed to $70 per barrel.
The company targets to sell 6.5 million tonnes of products and expects to acquire VND70.66 trillion ($3.1 billion) in revenue and VND864 billion ($37.56 million) in after-tax profit.
BSR's share value has also been recovering. Notably, the value of its shares on UPCoM at the last transaction session of June was VND21,000 (91 US cents) per share, doubling the figure five months ago. In November 2020, the company was forced to postpone its stock listing plans to focus on core business due to the negative impacts of the COVID-19 pandemic and the fluctuation of world oil prices.
BSR shares were registered for trading on UPCoM in March 2018, closing the first session at VND31,300 ($1.36). However, when the company decided to withdraw its listing application, it was only trading at about VND7,000-8,000 (30-35 US cents) per share.
BSR is the operator of the $3 billion Dung Quat Oil Refinery, the first oil refinery in the country. The company’s charter capital is VND31 trillion ($1.35 billion).