BSR, the operator of Dung Quat refinery, has issued a Request for Proposals (RfP) seeking a banking consortium to finance about 40% of the project’s total investment, with funding options including loans backed by the Multilateral Investment Guarantee Agency (MIGA) of the World Bank Group, export credit agency-backed financing linked to engineering, procurement and construction (EPC) packages, and international commercial loans.

The company said the range of financing structures would allow it to tap international funding sources while selecting terms and costs suitable for the project’s requirements.

BSR plans to complete the evaluation and select the financing consortium, including the lead arranging bank, in the fourth quarter of 2026. It will then finalize loan documentation, with disbursements targeted from Q3/2027.

Until the loans are available, BSR plans to use its own capital to maintain the project’s progress.

The Dung Quat refinery expansion and upgrade project has an estimated investment of $1.49 billion. Once completed, the facility’s processing capacity will increase to 171,000 barrels per day from 148,000 bpd.

The project will also enable the refinery to produce fuels meeting Euro V standards and process a wider range of domestic and imported crude oil.

Separately, BSR has sold its first batch of B5 biodiesel, consisting of nearly 45 cubic meters, to Military Petroleum Corporation and Nam Phuc Co. Ltd.

BSR previously imported about 3,000 liters of B100 biodiesel to conduct blending trials for B5 and B10 fuels at the Dung Quat refinery. The products were tested and assessed for quality before being released to the market.

BSR reported a sharp increase in earnings in the first half of 2026, with consolidated revenue rising 47% year-on-year to VND100.92 trillion ($3.85 billion). Net profit surged nearly sevenfold to VND12.64 trillion ($482.21 million). The company contributed VND5.87 trillion ($224.05 million) to the state budget.

The results mean BSR had achieved about 65% of its full-year revenue target and nearly 5.9 times the year's profit target after six months.

For 2026, the company has set a consolidated revenue target of VND154.14 trillion ($5.88 billion) and net profit of VND2.16 trillion ($82.5 million).