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Tuesday, July 16, 2024

Dung Quat oil refinery ramps up output to ease fuel shortfall

The Saigon Times

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HCMC – Dung Quat Oil Refinery in the central province of Quang Ngai has been operating at 109% capacity in an attempt to help alleviate fuel shortages in the domestic market, according to Binh Son Refining and Petrochemical Co., Ltd., the operator of the refinery.

The company has seen a growing demand for fuel after increasing the refinery’s output from 105% to 107% of capacity previously. Then, after securing an adequate volume of crude oil for production, the company decided to hike the output to 109%, surpassing its 2022 target of 103%, said Cao Tuan Si, deputy director of the Dung Quat oil refinery.

Given the rising demand and the stable supply of crude oil, the refinery could further operate at 110% capacity, he added.

The company, whose BSR shares are traded on the Unlisted Public Company Market, has closely monitored the market developments, maintained its operating capacity at a high level, and ramped up fuel sales to meet the domestic demand.

In the year to September, it had sold over 5.8 million cubic meters of fuel. The inventory of the Dung Quat oil refinery usually remains low.

The Dung Quat oil refinery is located in the Dung Quat Economic Zone which spans over Binh Thuan and Binh Tri communes in Binh Son District, Quang Ngai Province. The refinery, which plays a crucial role in ensuring the national energy security, is responsible for roughly 35% of the country’s fuel market.

BSR finished today’s stock trading session, October 21, in negative territory. It fell 7.77% against yesterday at VND19,000 amid a bearish mood in the local stock market.

With decliners far outnumbering advancers by 453 to 31, the benchmark VN-Index of the Hochiminh Stock Exchange ended 38.63 points lower, or 3.65% against the previous session at 1,019.82.

Trade on the southern bourse rose sharply by over 86% in volume and over 74% in value day-on-day at over 742 million shares and more than VND14.6 trillion, including some VND1.7 trillion worth of shares traded in block deals.

In the VN30 basket, only brewery firm SAB reversed course to close higher, but below 1%, while local low-cost carrier VJC finished at its reference price. The rest ended in the red.

The northern bourse faced a selloff. The HNX-Index tumbled 8.47 points, or 3.75% compared to yesterday at 217.41, with 167 losers and 30 winners.

The HNX30 basket of the Hanoi market also saw only one stock rising. It was DDG which gained a slight 0.5%. Most of the decliners in the basket plunged over 6% each.

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