Dung Quat Refinery makes profit despite cries of impending doomBinh Son Refining and Petrochemical Co. (BSR), a member of Vietnam’s oil and gas group PetroVietnam, which manages the country’s sole refinery, Dung Quat, made a profit in the first half of 2016, even though the government has not yet agreed to its proposals for preferential treatment. The prices of Dung Quat’s products are calculated as the sum of similar imported products’ price and the applicable tariff rate. BSR’s consolidated net profit was VND5.7 billion ($255,600), while PetroVietnam recorded VND5.86 billion ($262,700). PVN’s report said that in 2015 BSR’s consolidated revenue was VND94.4 trillion ($4.23 billion), while the parent company’s revenue was VND94.1 trillion ($4.2 billion). Meanwhile, Dung Quat’s products are still subject to an import tax of 20 per cent.

Source: VietNamNet News August 01, 2016 09:22 UTC