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Vietnam Energy Forum

BSR will focus on investing in petrochemicals and expanding RE production

 - In order to finalize the development strategy of Binh Son Refine Joint Stock Company (BSR) to 2030, with a vision to 2045, on October 25, 2022, BSR and Boston Consulting Group (BCG with head office in the United States as the world's leading prestigious consultant has been selected to implement this project) held a high-level meeting between the parties to review the final report.
BSR will focus on investing in petrochemicals and expanding RE production

Meeting of BSR Development Strategy to 2030, Vision to 2045.

In April 2022, BSR Company and BCG Consulting Group organized a Kick-off Meeting (KOM) for building a BSR Development Strategy to 2030, with a vision to 2045. After a period of coordination and implementation, BCG completed the project and submitted it to BSR for reviewing and suggesting the project.

In accordance with the project, the development strategy of the BSR is divided into 3 phases short and medium-term (2021 - 2025); long-term (2026 - 2030); vision to 2045.

BCG considers that in recent years, BSR has been playing a pioneering role in building the foundation for the development of Vietnam's petrochemical industry, making important contributions in ensuring national energy security in the future BSR will become a leader in energy transition and actively contribute to the goal of achieving net zero emissions by 2050 as Vietnam's commitment at COP26. BSR aims to become a leader in the region and is developing a project to form a national oil refinery and petrochemical center in central Vietnam.

In order to ensure sustainable development in the future, as well as actively participate in realizing Vietnam's commitment to net zero emissions by 2050 at COP26, BSR will focus on investment in the petrochemical field and gradually expand into renewable energy production and provide high-tech services.

Speaking at the meeting, Mr. Le Xuan Huyen, PVN Deputy General Director requested to add of gas material from the Blue Whale field as an option for the petrochemical development and consider the possibility of renovating the RFCC workshop for increasing the proportion of petrochemical products rightly in the implementation phase of Dung Quat Oil Refinery upgrade and expansion project (adjustment project).

Mr. Bui Minh Tien, a member of the PVN Member Council assessed that BSR's development strategy project is suitable within the general development strategy of PVN, in which PVN focuses not only on 5 core areas at the beginning but currently gradually penetrates into the renewable energy field ( offshore wind power projects). BSR's vision and mission is also consistent with the PVN's vision and mission as a transition for a more green, more clean environment and suitable with international commitments.

In order to have a fully worked-out project for the development strategy of BSR, Mr. Bui Minh Tien requested BCG to clearly show the supply and demand forecast data in the Vietnamese market for important strategic milestones (2030 and 2045) to ensure that BSR's strategic solutions suitable with trends and possibly close to reality.

Receiving directions and suggestions, BCG continuously worked with BSR to complete the project for the Development Strategy of BSR to 2030, with a vision to 2045.


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