In attendance were Mr. Nguyen Viet Thang – General Director of BSR – together with members of the Board of Directors, the Executive Board, the leadership of the Dung Quat Refinery Upgrade and Expansion Project Management Board (DQRE), the Dung Quat Refinery Management Board, members of the Project Steering Committee, and specialized personnel assigned to the project.

The Steering Committee was briefed by the DQRE leadership on the implementation status of key project components. As of mid-April 2025, the overall progress of the revised Front-End Engineering Design (FEED) has reached 91.5%. The licensed technology contractors have completed several critical deliverables, including process simulation, product yield and specification documentation, heat and material balances, process flow diagrams (PFDs), and the Basic Engineering Design Packages (BEDP). Initial BEDPs for several process units have been issued for BSR and WOOD to review and provide feedback.

DQRE is currently working closely with the contractors to finalize the engineering design in accordance with the established schedule. During the design process, WOOD and the technology licensors have proposed multiple optimization solutions to enhance operational efficiency, streamline design, reduce capital expenditure, and ensure greater flexibility in future operations.

Regarding cost estimation, the contractor WOOD has completed the total cost estimation, issued requests for quotation (RFQs), and conducted quantity take-offs and calculations in line with the approved project schedule.

BSR/DQRE has submitted the Quantitative Risk Assessment (QRA) Report to the Ministry of Industry and Trade (MOIT) for appraisal and approval, and has reported the submission to the Vietnam National Industry and Energy Group. The verification of the engineering design and total cost estimate is being carried out by the Institute for Building Science and Technology (IBST) under the Ministry of Construction, and is expected to be finalized upon receipt of all required documentation from the technology licensors. The fire prevention and fighting (FPF) design dossier is currently being finalized for submission to the Department of Fire Prevention, Fighting and Rescue under the Ministry of Public Security for appraisal and approval. BSR and WOOD have also proactively engaged with international EPC contractors to introduce the project, assess their interest, and develop a strategic report on EPC contractor selection.

Speaking at the meeting, BSR General Director Mr. Nguyen Viet Thang emphasized the critical importance of schedule management and requested that all relevant departments proactively coordinate and rigorously review documentation and procedures to ensure strict adherence to the established project timeline. He also highlighted the need for effective internal management and the rational allocation of human resources to support efficient project execution—particularly during the finalization of the FEED phase and preparations for the EPC bidding process.

Regarding the land clearing component of the project, DQRE was instructed to maintain close engagement with the Quang Ngai provincial authorities to ensure adequate preparation of fill material sources, accelerate the progress of the land grading design consultancy and verification package, and finalize the Invitation to Bid (ITB) documents to enable tendering in June 2025.

In his directive remarks, BSR Chairman of the Board and Head of the Project Steering Committee Mr. Bui Ngoc Duong urged DQRE to ensure that the FEED contractor strictly adheres to contractual commitments and expedites the completion and submission of approval dossiers in alignment with the project schedule.

The BSR Chairman of the Board also emphasized the importance of incorporating design optimization during the FEED phase to ensure operational flexibility in the future. Additionally, he highlighted the need to closely manage the project schedule, risk factors, and cost control, while paying special attention to critical activities such as the appraisal and approval of FEED designs and the selection of the EPC contractor.

Regarding project financing, the Chairman requested DQRE to proactively coordinate with HSBC to develop a detailed engagement plan with financial institutions and export credit agencies (ECAs), while also overseeing the contract management of the financial advisory services provided by PVcomBank. He further emphasized the importance of progressing with the Environmental and Social Impact Assessment (ESIA), which is being conducted by the Fitchner – ITB consortium.

For matters involving Quang Ngai Province, Chairman Bui Ngoc Duong recommended arranging a working session with provincial leaders at the earliest opportunity to present a comprehensive overview of the support required, particularly for activities related to the Dung Quat Refinery Upgrade and Expansion Project.

Nguyen Hong