Dung Quat runs at 123% of design capacity as BSR targets 2027 turnaround tie-ins

Dung Quat refinery ran at an average 123% of designed capacity in the first nine months of 2026, BSR general director Nguyen Viet Thang reported to a PetroVietnam inspection delegation, putting the 148,000-bpd-class central Vietnam plant on track to beat its full-year plan by 8-12%.

The utilization figure anchors a set of results BSR says exceeded plan across production, consumption and revenue. Consolidated revenue for 2026 is estimated at VND 223,991 billion — 117% of the annual plan and up 56% against 2025.

Where the revenue comes from

The revenue mix is shifting. Key product revenue is estimated at VND 177,466 billion, or 79.2% of the total, still the backbone of the business. But new products and M&A contribute an estimated VND 40,732 billion, 18.2% of the total — early evidence that the diversification strategy is producing cash, not just slide decks.

International business adds an estimated VND 3,224 billion, 145% of its plan. New commercial lines include specialized PP grades (PP TF4035, PP F3030), E10 RON95 and E10 RON97 bioethanol blends, B5 biodiesel, the S-MFO sustainable marine fuel, granular sulfur and sustainable aviation fuel. BSR also retains in-house production of defense fuels including Jet A-1K, DO L-62 and RON83 gasoline.

The balance sheet matches the operating story. As of September 30, 2026, total assets reached an estimated VND 118,051 billion, up VND 33,047 billion from the start of the year; equity stands at VND 81,447 billion and the charter capital increase to VND 50,073 billion is complete.

Energy and crude slate gains

Two efficiency numbers stand out for operators. The refinery's self-consumption and energy loss ratio fell to 7.2% — the lowest since commercial operations began — and the energy efficiency index held below the 101.4% target.

The crude slate has widened to 40 approved grades, with successful test runs of Erha and the domestic Sao Vang - Dai Nguyet streams, plus additional feedstock secured for the LCO-HDT unit. A new online gasoline blending system and an expanded tanker loading station are now in operation, lifting blending flexibility and product dispatch capacity.

For anyone running a comparable refinery, the takeaway is simple: more crude options and lower self-consumption are what make 123% utilization profitable rather than merely impressive.

The NCMR expansion and the 2027 turnaround

The Dung Quat Upgrade and Expansion Project (NCMR) is BSR's top priority for 2026-2030. The EPC contract was signed on July 9, 2026; site leveling is 86.6% complete, and detailed design plus material procurement are under way.

The schedule hinges on TA6, the sixth master maintenance turnaround planned for 2027. BSR intends to build 116 NCMR connection points into that shutdown window and coordinate the outage calendar with Nghi Son refinery to protect domestic product supply while both plants are down.

What PetroVietnam asked for

Tran Hong Nam, member of PetroVietnam's board, acknowledged BSR's 2026 results — safe high-capacity operation, revenue and profit performance, new product commercialization and restructuring progress. For 2027 he set five working lines:

• improve efficiency and control production cost and energy consumption;
• push international business and restructure the investment and product portfolio;
• deepen digital transformation and strategic technology development;
• anchor the planned National Petrochemical and Energy Center at Dung Quat;
• pursue investment opportunities and value-chain linkages inside and outside PetroVietnam.

BSR chairman Bui Ngoc Duong raised recommendations on obstacles in operations, project execution and strategy, asking for the group's continued support to unlock resources.

The wider 2026-2030 plan adds SAF, E10 bioethanol, BioDO, green hydrogen, e-methanol, PP compound, residual-oil asphalt and carbon black to the development slate, alongside OECD-standard governance, AI adoption and eight key solution groups covering O&M services and PetroVietnam supply-chain integration.

Watch the TA6 window in 2027: 126 tie-ins executed on schedule against a coordinated national shutdown calendar is the test of whether the NCMR timeline holds.