Representing BSR were Mr. Nguyen Viet Thang - President & CEO, together with members of the Board of Directors, the Board of General Directors, the Supervisory Board, the Management Board of Dung Quat Refinery, and heads of the professional expertise division. The Workshop also welcomed distinguished partners from various countries including: PVTRANS, Argus Media Group (Argus), ExxonMobil Asia Pacific Pte Ltd, Socar Singapore Pte. Ltd, Chevron USA Corporation (Singapore Branch), PVOIL Singapore pte ltd, Vitol Asia Pte Ltd, Trafigura Pte Ltd, Novel Energy Pte Ltd, Vietsea company…

​

Delivering the opening remarks, Mr. Mai Tuan Dat – Vice President of BSR emphasized: “We are entering a highly challenging phase of the global energy market. Prolonged conflicts have affected traditional feedstock sources for the Refinery and increased risks in transportation, driving logistics costs to new highs. In this context, BSR recognizes the importance of proactive adaptation, strengthening market analysis capacity, and enhancing international cooperation to ensure sustainable and long-term feedstock supply for Dung Quat Refinery. This Workshop is a testament to the power of strong partnerships - when we stand together, we stand stronger against all uncertainties.”

​

The year 2025 has been widely assessed as a turbulent year for the global crude oil market. The impact of U.S. tax policies under the Trump administration, geopolitical tensions in several regions, and frictions among major producing countries – particularly within OPEC+ and with non-OPEC producers – have disrupted global supply chains. Moreover, logistics costs are now accounting for a larger share in the cost structure of petroleum products, compelling refineries worldwide to revisit strategies in crude oil sourcing, transportation, operations, and storage.

During the Workshop, speakers from PVOIL Singapore, VIETSEA, and Argus Media delivered in-depth presentations on crude oil market developments, shipping market outlooks, and new product trends in the energy and refining sectors.

PVOIL Singapore opened with an insightful market update, highlighting oversupply conditions in the global crude oil market, new supply sources, declining gasoline demand in Europe and the U.S., and slower consumption growth in Asia.

​

Meanwhile, VIETSEA provided a detailed analysis of crude oil transportation, notably the diversion of shipping routes from the Suez Canal to the Cape of Good Hope – prolonging voyages by an average of 7–10 days and raising costs by up to 34%. The company also shared perspectives on the tanker market outlook in the coming period.

A highlight of the program was the presentation from Argus Media, themed “The Road Ahead for BSR: Orientation for Petroleum Products, SAF, and Petrochemical Growth Drivers.” The speaker underscored BSR’s pioneering role in embracing emerging trends such as the development of Sustainable Aviation Fuel (SAF), diversification of the petrochemical portfolio, and long-term strategic responses to geopolitical and market fluctuations

The Workshop also featured lively discussions among speakers and market analysts on key topics such as the global oil market, green energy transition products like SAF and SMF, environmentally-friendly petrochemical products,… and developments in oil transportation.

In the closing remarks, Mr. Nguyen Viet Thang - President & CEO of BSR, noted that today’s world has become increasingly “fragile” under the weight of uncertainties. He emphasized that we now face a BANI world - brittle, anxious, nonlinear and incomprehensible. BSR is not only responding and adapting, but has moved towards “managing volatility” through diverse tools and solutions. These approaches have been effectively applied to overcome uncertainties, mitigate risks, and achieve sustainable growth.

Quoting the saying “One of us can do so little; Together we can do so much,” Mr. Nguyen Viet Thang highlighted: “What impressed us most is not only the knowledge shared, but also the openness and spirit of cooperation. We are not only sharing information, but also building trust, nurturing relationships and friendships, and laying the foundation for long-term partnerships. BSR is committed to sharing and fostering stronger partnerships, so that together we can overcome every challenge.”

The 3rd Workshop On Crude Oil Trading & Shipping was also an opportunity to reflect on the progress achieved since previous events. In 2023, the first Workshop laid the foundation for establishing a risk alert system in crude oil supply and transportation. The 2024 edition marked BSR’s pilot application of digital technologies to monitor vessel routes, minimize waiting time, and diversify crude feedstock sources to optimize capacity and operational efficiency. By 2025, the Workshop has evolved beyond a technical exchange into a strategic forum connecting partners across the global crude oil supply chain.

Through this event, BSR once again reaffirmed its orientation towards sustainable development, high adaptability, and strategic thinking in crude oil procurement, feedstock trading, and maritime transportation.

BSR