Binh Son Refining

Name

Binh Son Refining

Legal name

Công ty Cổ phần Lọc hóa dầu Bình Sơn (Binh Son Refining and Petrochemical Joint Stock Company)

Website

https://bsr.com.vn

Company type

Public

Founded year

2008

Operating status

Operating

Headcount range

1,001–5,000 employees

Ownership category

akta.pro rank

Product category

Petroleum Refining

NAICS

Petroleum Refineries (32411), Petrochemical Manufacturing (325110), Petroleum and Coal Products Manufacturing (3241)

SIC

Petroleum Refining (2911), Miscellaneous Products Of Petroleum & Coal (2990)

akta.pro primary industry

Distillation & Fractionation (Crude, Condensate & NGL Splitters) (EUALAGAD)

akta.pro secondary industries

Reforming, Isomerization & Alkylation (Octane & Gasoline Upgrading) (EUALAGAF), Refinery Blending & Product Quality Control (Gasoline/Diesel/Jet Blending, Additives) (EUALAGAJ), Gas Processing & NGL Recovery (Dehydration, Sweetening, Cryogenic Recovery) (EUALAGAG), Syngas & Hydrogen Feedstocks (SMR/ATR, Refinery/Petrochem H2) (EUALAHAE)

Keywords

• Oil refining
• Petroleum products
• Aviation fuel
• Diesel fuel
• Petrochemical services

Headquarters

HQ city

Boulevard

HQ country

United States

HQ region

North America

Offices4 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Operations, Infrastructure, Personnel, Technology or R&D, Marketing or Sales

Revenue model

1. Refined Petroleum Products: BSR generates primary revenue from refining crude oil and selling refined petroleum products including gasoline (RON92/95), jet fuel, diesel, LPG, and polypropylene pellets to domestic fuel distributors and the Vietnamese market. The company supplies approximately 30% of Vietnam's domestic fuel needs.
2. Specialized/Defense Fuels: Revenue from specialized fuels for defense and security purposes including Jet A-1K aviation fuel, DO L-62 diesel and A80 gasoline produced at Dung Quat refinery.
3. Maintenance and Technical Services: Providing maintenance, repair, and technical consulting services in the refining and petrochemical industry.
4. Human Resource Training Services: Training and supplying human resources for the refining and petrochemical industry.
5. Maritime and Port Services: Providing maritime and port services related to the refining and petrochemical industry.

Go-to-market motion2 records

Distribution channels4 records

Marketing channels4 records

Core offering

Binh Son Refining and Petrochemical JSC operates the Dung Quat Oil Refinery and converts crude oil into gasoline, jet fuel, diesel, LPG, polypropylene pellets and sulfur. It also provides selected petrochemical-industry services, including human resource supply, certificate training and petrochemical testing laboratory services.

Product overview

Binh Son Refining and Petrochemical JSC (BSR) operates Vietnam's sole large-scale refinery—the Dung Quat Oil Refinery—as a unified platform producing a diversified portfolio of petroleum products and petrochemical outputs. The product range spans three core categories: finished fuels (gasoline RON92/95, jet fuel including Jet A-1K military-grade, diesel including DO L-62, LPG), petrochemical outputs (polypropylene pellets, sulfur), and emerging biofuels (E5 RON92, Sustainable Aviation Fuel). Beyond products, BSR provides integrated services including human resource supply, professional certificate training for the refining industry, and petrochemical testing laboratory services. The company has achieved operational performance exceeding design capacity at 123.5% overall utilization and is expanding into specialized defense fuels (A80 gasoline) and advanced biofuels to support Vietnam's energy security and green transition objectives.

Differentiator

Problem solved

Functional benefit

Products and services

• Gasoline RON92/95 (Xăng RON92/95) Lead-free gasoline blend of hydrocarbons with a boiling range of 30-215°C, containing suitable additives but no lead compounds, used as fuel for internal combustion engines.
• Jet Fuel (Nhiên liệu phản lực) Aviation fuel used for jet aircraft propulsion, including specialized Jet A-1K military-grade aviation fuel.
• Diesel Oil (Dầu DO) Diesel fuel products including specialized DO L-62 diesel for defense and security purposes.
• Liquefied Petroleum Gas (Khí hóa lỏng LPG) Liquefied petroleum gas produced and sold through auction, serving domestic and industrial markets.
• Polypropylene Plastic Pellets (Hạt nhựa Polypropylene) Polypropylene plastic pellets manufactured and sold through auction for industrial applications.
• Sulfur (Lưu huỳnh) Sulfur produced as a byproduct of oil refining and sold through auction for industrial and agricultural use.
• A80 Gasoline Specialized gasoline developed for defense and security purposes, representing Vietnam's move toward self-sufficiency in critical fuel categories.
• E5 RON92 Biofuel Gasoline blended with 5% ethanol biofuel, part of BSR's biofuel production and government-directed E10 petrol blending program support.
• Human Resource Supply (Cung cấp nguồn nhân lực) Recruitment and supply of qualified personnel for the petrochemical refining industry.
• Certificate Training (Đào tạo nhân sự cấp chứng chỉ) Professional training services with certification programs for the petrochemical refining industry.
• Petrochemical Testing Laboratory (Phòng thí nghiệm kiểm nghiệm hóa dầu) Laboratory services for testing and certification of petrochemical products, providing quality assurance for petroleum products.
• Maintenance, Repair and Technical Consulting Services Maintenance, repair and technical consulting services provided for the refining and petrochemical industry.
• Maritime and Port Services Maritime and port services related to the refining and petrochemical industry.

Quantifiable outcome

• Operational utilization at 123.5% overall (CDU at 118.4%, RFCC at 109%)
• +4 more outcomes

Named customers9 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Ten partnerships are on record, tiered strategic, core and major.

• University of Finance-Marketing (Phan Hieu)strategicStrategic or Co-development Partner · 16 June 2026BSR signed MOU with University of Finance-Marketing's Quang Ngai Campus to develop high-quality human resources, support student internships and recruitment, collaborate on scientific research, and provide 100 million VND in scholarships.
• International Sustainable Aviation Fuel Partners (ASAFA, DISSC, Star Consulting, Veritas)strategicStrategic or Co-development Partner · 7 May 2026BSR participated in the International Sustainable Aviation Fuel Innovation & Policy Summit (IPS Vietnam 2026) alongside Airbus, Axens, and Velocys to explore partnership opportunities within the SAF value chain and integrate Vietnam into the global SAF ecosystem.
• Russian Crude Oil SupplierscoreStrategic or Co-development Partner · 20 April 2026BSR opened talks with Russian partners for crude oil purchases amid global energy crisis caused by Middle East conflict and Strait of Hormuz closure. Also exploring alternative suppliers in Africa, America, and Southeast Asia.
• Chevron Supply and TradingcoreStrategic or Co-development Partner · 3 February 2026BSR signed MoU with Chevron Supply and Trading in Washington D.C. to secure crude oil supply for the Dung Quat Oil Refinery, enhancing Vietnam-US energy cooperation amid broader bilateral trade negotiations.
• Marquis EnergycoreStrategic or Co-development Partner · 3 February 2026BSR signed MoU with Marquis Energy for imports of ethanol biofuel from the United States, supporting Vietnam's green energy transition and biofuel blending programs.
• ADM Asia-Pacific TradingcoreStrategic or Co-development Partner · 3 February 2026BSR signed MoU with ADM Asia-Pacific Trading for ethanol biofuel imports, diversifying supply sources for Vietnam's ethanol biofuel needs and strengthening US-Vietnam energy ties.
• Petrolimex (Petrolimex Group)majorChannel Partner/ Reseller/ DistributorMajor B2B fuel distribution partner. Petrolimex is Vietnam's largest fuel distribution company and one of BSR's key customers for petroleum product distribution.
• PVOil (Petrovietnam Oil Corporation)majorChannel Partner/ Reseller/ DistributorState-owned petroleum corporation and major B2B customer for fuel distribution throughout Vietnam.
• Saigon PetromajorChannel Partner/ Reseller/ DistributorRegional fuel distribution partner in southern Vietnam, distributing BSR petroleum products in the Ho Chi Minh City region and southern provinces.
• Dung Quat Bio-ethanol PlantcoreStrategic or Co-development PartnerDung Quat bio-ethanol plant resumed operations in early 2026 and delivers E100 ethanol product to BSR for the government-directed E10 petrol blending programme, with daily output target of 330 cubic metres at full capacity.

Scale indicators12 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• S-Oil Corporation: South Korean refiner owned by Aramco, operating the Onsan refinery with RFCC and petrochemical integration. Comparable as an Asian complex refiner with similar product slate (gasoline, diesel, jet, polypropylene) and export orientation.
• Formosa Petrochemical Corporation: Taiwanese refiner with 540,000 bbl/day Mailiao complex producing fuels, olefins, and polypropylene. Comparable as a vertically integrated refinery and petrochemical producer in the Asia-Pacific region with overlapping downstream product mix.
• Hengli Petrochemical Co., Ltd. Chinese private-sector integrated refining and petrochemical complex in Liaoning (40M tons/year). Comparable as a large, recently-built complex refinery with crude distillation, RFCC, and downstream petrochemical integration producing fuels and aromatics.
• GS Caltex Corporation: South Korean refiner (800,000 bbl/day capacity at Yeosu), a Chevron-Kuwait Petroleum joint venture. Comparable as a complex refinery producing gasoline, diesel, jet fuel, and petrochemical feedstocks for an Asian domestic and export market.
• Nghi Son Refinery and Petrochemical: Vietnam's second operational refinery (200,000 bbl/day) located in Thanh Hoa, jointly developed by Petrovietnam, Idemitsu Kosan, Kuwait Petroleum, and Mitsui Chemicals. Directly comparable as the only other large-scale refiner serving the Vietnamese domestic fuel market.

Regional players

• PT Pertamina (Persero): Indonesian state-owned integrated energy company operating multiple refineries (Cilacap, Balikpapan, etc.) and holding a domestic fuel monopoly. Comparable as a Southeast Asian state-affiliated refiner with similar domestic supply security mandate.

Broad incumbents

• PTT Public Company Limited: Thai state-owned integrated energy company with refining (Star Petroleum Refining subsidiary) and petrochemical operations. Comparable as a regional integrated national champion with a similar downstream fuel product portfolio.
• Indian Oil Corporation Limited: India's largest state-owned refiner with multiple domestic refineries and PSU fuel distribution network. Comparable as a state-affiliated integrated oil company with government-controlled pricing and a focus on domestic energy security.
• Reliance Industries Limited (Jamnagar Refinery): Operates the world's largest refinery complex at Jamnagar, India. Comparable as a globally scaled, integrated refining and petrochemical platform producing transportation fuels, polypropylene, and specialty products at scale.

Others

• Petrovietnam (Vietnam National Oil and Gas Group): State-owned parent of BSR (92.12% ownership) and operator across upstream, midstream, and downstream oil and gas in Vietnam. Comparable as the integrated group whose downstream strategy BSR executes and whose refining portfolio BSR complements.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/bsr.com.vn
• LinkedInlinkedin.com/company/bsr-bf

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Binh Son Refining