Petrovietnam stake sale in BSR expected by March 2027

Petrovietnam is expected to complete a sale of shares in Binh Son Refining and Petrochemical (BSR) by March 11, 2027. According to Vietcap Securities, management at the Dung Quat Refinery operator said plans to bring its parent's holding down to 90% remained on schedule.

The state-owned group currently owns 92.13% of BSR. It has hired advisers to finish valuing the company before December 31, 2026, with a public auction expected to follow. Management said potential strategic investors, including overseas investors, had shown interest, but did not disclose details.

Separately, BSR management reported estimated third-quarter revenue of ₫59.9 trillion, a 70% increase from a year earlier. Net profit after minority interests stood at ₫6.9 trillion, or 7.7 times the year-earlier figure, although it fell 9% from the second quarter. Vietcap attributed the performance to higher sales volumes, increased Brent crude prices and stronger refining margins.

For the first nine months, BSR put revenue at ₫164.5 trillion and net profit at ₫22.9 trillion. Management said final results could exceed those estimates because lower crude prices had reduced input costs while refining margins remained elevated.

Management expects the 2026 average crack spread, the gap between crude and refined-product prices, to reach US$32 per barrel. That would be around 52% above the US$21.1 recorded in 2022. BSR forecasts an average of US$23 per barrel for 2027, with the anticipated decline based mainly on expectations of gradually normalising commercial shipping through the Strait of Hormuz.