BSR Co., Ltd: Sustainable growth based on technology and creativity

14:33 | 27/05/2018 Companies

(VEN) - In mid-April 2018, Binh Son Refining and Petrochemical Company Limited (BSR Co., Ltd) was again honored at the 14th National Technical Innovation Contest as it owned one of four innovative solutions of the petroleum and gas industy awarded this time.

bsr co ltd sustainable growth based on technology and creativity

Competing with 536 other solutions nationwide, the solution themed "Improving reliability and optimizing operation of depressurization stations in Dung Quat Oil Refinery" by author Nguyen Ngoc Thanh and his colleagues from BSR won the third prize. In previous competitions, BSR also often had solutions to win prizes.

During 10 years of operation of Dung Quat oil refinery, BSR showed its capability to master science and technology and promoted initiatives and creativity in production. So far, BSR has had more than 163 initiatives, benefiting the State US$138 million. The company has implemented 33 scientific research projects, most of those have been applied in production and business activities, bringing high economic efficiency.

In 2017 alone, BSR successfully implemented 11 energy optimization solutions, bringing economic efficiency of about US$3.2 million per year and other intangible benefits. Thanks to these solutions, BSR’s Energy Intensive Index EII reduced to 106.5 percent (compared to 111.1 pct of 2016).

Along with energy optimization, BSR has also promoted the optimization of technology and operations, focusing on reducing operation and maintenance costs, diversifying products and increasing profits of the plant.

According to BSR President Nguyen Hoai Giang, modern technology transfer in the petrochemical refining industry is always challenging but also attractive to young people with high enthusiasm. He said "At Dung Quat Oil Refinery, we always create a comfortable, transparent working environment for each individual in the company to promote their creativity and intelligence..".

bsr co ltd sustainable growth based on technology and creativity

Thanks to the good treatment of the company, BSR’s engineers and specialists have made remarkable progresses. In early days after taking charge of Dung Quat Oil Refinery, BSR had to hire up to 200 foreign advisors for operation and maitainance works. Until now, that number has been cut down to only one tenth. Vietnamese engineers are gradually replacing their foreign colleagues.

As a result, the 3rd overall maintenance works on more than 7,000 main equipment and categories of the plant in June and July 2017 have been completed, helping save over 300 billion VND, meeting all targets in terms of Safety, Quality and Cost Effectiveness.

Currently, Dung Quat Oil Refinery always operates safely at the optimum capacity of 105 to 107 percent (according to market demand, the plant can operate safely at capacity of 110 percent).

Since its first operation until 2017, production output of the plant has reached 50,335 thousand tons, accounting for 40 percent of petrol and oil demand of the country. Total revenue of BSR therefore reached 881.18 trillion VND, equivalent to US$40 billion; paying 145.52 trillion VND or nearly US$6.5 billion to the State budget.

BSR's state budget contribution (nearly US$6.5 billion) is more than twice the total investment (about US$3 billion) in the Dung Quat Oil Refinery, which proved the effectiveness of the refinery project in particular and investment in the industry sector in general.

Many economists have suggested that if Vietnam wants to maintain its economic growth, it has to develop a growth strategy based on technological progress and international competition, with enterprises mastering modern technologies. In the past 10 years, BSR has shown its outstanding role and is steadily moving forward with its Dung Quat Refinery expansion project.

In 2018, the BSR will continue to implement 16 energy optimization opportunities. As of March 2018, 12 out of 16 solutions have been implemented. The Energy Intensive Index EII is currently around 103 percent compared to 106.5 percent of 2017.