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The Repsol Group (Spain) explores opportunities for cooperation with BSR

A source from the Binh Son Refining and Petrochemical Company (BSR) said that, the Spanish Repsol Energy Group has on Nov.7 explored opportunities for cooperation with BSR.

​At the meeting, representatives of Repsol Energy Group wanted not only to own shares in BSR, but also to participate in the management, operation, and trading of crude oil.

According to General Director Tran Ngoc Nguyen, the cooperation betweenthe BSR and the Spanish corporations started in mid 2005, when EPC 1 + 4 and 2 + 3 contracts for the construction of Dung Quat oil refinery were signed between Petrovietnam and the Technip consortium, including TecnicasReunidas (Spain) and Technip France (France), TechnipGeoproduction (Malaysia), JGC (Japan). Repsol Energy also has some upstream projects in the continental shelf of Vietnam.

Regarding the production and business situation of BSR, at the end of 10 months, production output reached 4.9 million tons; consumed 4.9 million tons. Turnover reached 63.3 trillion VND, contributing to state budget 7.44 trillion VND.

BSR is the sixth largest and the most profitable company in Vietnam and is ranked 16th.

The Ministry of Industry and Trade has approved the value of BSR for equitization of more than 72 trillion dong – equivalent to USD 3.2 billion. This is the largest enterprise value in Vietnam, so the BSR wishes to cooperate with foreign partners to find strategic partners, boost production capacity and improve competitiveness.

Representative of Repsol Energy Group also introduced Repsol’s size, general capacity and fields. Repsol currently has oil and gas projects in 37 countries.In Southeast Asia, Repsol is operating in Australia, Indonesia, Malaysia and Vietnam. In recent years, Repsol has invested more than € 4 billion in refineries – demonstrating Repsol’s financial and governance capabilities.

BSR welcomes Repsol Energy Group’s willingness and agrees with Repsol’s proposal to set up two negotiating teams to discuss bilateral cooperation issues as soon as possible.

Minh Chau​ (

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