From September 9 to 12, 2019, the delegation of Binh Son Petrochemical Joint Stock Company (BSR) led by General Director Bui Minh Tien attended the 35th APPEC Conference in Singapore. This is an opportunity for BSR to contact and discuss with partners to expand opportunities for importing crude oil for Dung Quat Oil Refinery.
BSR contacts and exchanges with partners to expand opportunities to buy crude oil.
APPEC (Asia Pacific Petroleum Conference) is an international forum on oil and gas held annually in Singapore by Platt’s News Agency.
This is an opportunity for oil owners, suppliers, commercial companies, customers, ship owners, intermediaries, refinery plants and operators in oil and gas field to meet, exchange and share the market information, as well as viewpoints and considerations on market trends in the near future for crude oil, petroleum products and other petrochemical products.
The BSR leaders attended the 35th APPEC Conference to exchange and discuss issues on impact of IMO 2020 regulations, sanctions and trade wars to global oil and gas market, and from that to make analysis, considerations on trends of crude oil prices, oil products and solutions to ensure supply, optimize production, control risks and maintain profits for oil refinery plants.
In parallel, BSR also organized working meetings with 10 suppliers of crude oil for Dung Quat oil refinery including Shell, Vitol, BP, PVOSN, PETCO, SOCAR, Glencore, Gazpromneft, Repsol and Sumitomo. These potential partners holding abundant oil resources from the US, West Africa, North Africa, and the Mediterranean Sea exchanged views with BSR to strengthen the cooperation for the supply of crude oil for Dung Quat oil refinery plant.
The Platts news agency will update information, assess fluctuations and identify developments of the market in 2020 for BSR to take initiative in the production and business.
Recently, BSR was active and gradually exercised self-control to buy the foreign crude oil with a large quantity. In early 2019, BSR imported the first batch of WTI Midland oil from the US with a volume of nearly 1 million barrels. BSR will continue to import 02 batch of WTI Midland crude oil from the US with a volume of one million barrels each. The first batch is expected to deliver at the Dung Quat plant in October 2019 and the second batch in December 2019.
BSR is considering to buy and process the first batch of Bonny Light from West Africa with expection to be delivered in October 2019. In parallel with the domestic crude oil source, in 2019, BSR will import about 9 trips of crude oil with a total volume of about 7.45 million barrels.