Vietnam's Binh Son refinery signs energy MoUs with U.S. partners
Binh Son Refining and Petrochemical JSC (BSR) has signed memoranda of understanding with U.S. companies Chevron, Marquis Energy and ADM Asia-Pacific Trading to strengthen crude oil supply security for Vietnam and explore cooperation in biofuels.
Signed in Washington D.C. with Vietnam’s acting Minister of Industry and Trade present, the MoUs focus on securing stable crude oil supplies for the Dung Quat refinery, Vietnam’s first and largest refinery, while also studying potential imports of bioethanol and corn feedstock to support domestic biofuel production.
The agreements come as Vietnam and the U.S. advance negotiations on a reciprocal trade framework, with energy cooperation identified as a key pillar to enhance Vietnam’s energy security, expand bilateral trade and help reduce the trade imbalance. Chevron said BSR is a key partner in Southeast Asia and reaffirmed its commitment to supplying crude oil to ensure stable operations at Dung Quat.
BSR’s stronger international partnerships coincide with a sharp financial rebound. In 2025, the company posted net revenue of VND141.58 trillion (US$5.45 billion), up about 15% year on year, while net profit surged nearly ninefold to VND5.19 trillion (US$199.7 million), driven by improved refining margins and operational efficiency.
As of end-2025, BSR’s total assets reached VND85.07 trillion (US$2.23 billion). The company also increased its charter capital to more than VND50.07 trillion (US$1.93 billion), reinforcing its balance sheet to support long-term investment and supply security.
Comments