26 September 2026, 10:40 UTC

BSR signs framework crude purchase agreement with ExxonMobil Asia Pacific for Dung Quat refinery

Vietnam Refining and Petrochemical Corporation (BSR) handed over a framework crude oil purchase agreement with ExxonMobil Asia Pacific in New York on 23 September 2026, adding an international supply channel for the Dung Quat refinery. The plant can now process 40 crude grades, 12 domestic and 28 imported. BSR is holding imported crude at about 15% of intake in 2026, down from around 31% in 2025.

Vietnam Refining and Petrochemical Corporation (BSR) has signed a framework crude oil purchase agreement with ExxonMobil Asia Pacific, part of the ExxonMobil group, adding an international supply channel for the Dung Quat refinery. The document was handed over on the morning of 23 September 2026 in New York, according to vietstock.vn and thanhnien.vn.

Signed at a New York roundtable

The handover took place during a high-level roundtable with executives of major US companies attended by General Secretary and President To Lam, and was witnessed by him together with leaders of Vietnam's Party, State and Government, vietstock.vn reported. The New York stop was part of a working trip that included the high-level general debate of the 81st session of the UN General Assembly.

The document is a framework agreement covering crude purchases rather than a fixed-volume contract. Both publications describe it as opening an additional line of cooperation in feedstock supply for Dung Quat.

Chevron already on the supplier list

BSR said that since the start of 2026 it has been actively searching for, evaluating and expanding crude sources from several regions of the world, including the United States. The company has also signed crude supply agreements with Chevron to help secure stable feedstock for the plant, according to both vietstock.vn and thanhnien.vn.

The stated purpose is operational flexibility. With more suppliers on the list, BSR can adjust its import, blending and processing plans to market conditions at any given moment and reduce its dependence on a small number of traditional sources.

Forty crude grades: 12 domestic and 28 imported

The ability to receive and process many crude types has become a central advantage for Dung Quat. Since the beginning of 2026 BSR has successfully trialled three additional crude grades.

The refinery can now process 40 crude grades in total — 12 Vietnamese and 28 imported.
In 2026 BSR mastered the processing of Nigeria's Erha crude at a maximum blend ratio of about 45% by volume.
Sao Vang – Dai Nguyet condensate is handled at a maximum of about 12% by volume.

As thanhnien.vn noted, widening the crude basket is not only a procurement question: to take in more grades the plant has to keep tight control of technical requirements, blend ratios and operating modes.

Import share cut from 31% to about 15%

In 2025 the Dung Quat refinery took in some 8.28 million tonnes of crude, with imported crude accounting for around 31%, according to vietstock.vn and thanhnien.vn. For 2026, to secure supply and manage geopolitical instability, BSR is prioritising the balancing of domestic crude while keeping imports at a share of roughly 15%, drawn from West Africa, the Mediterranean and Southeast Asia.

Neither report disclosed volumes, pricing terms, duration or a start date for deliveries under the ExxonMobil framework, nor the crude grades it covers.

The agreement widens BSR's network of international crude partners and adds feedstock options for Dung Quat. It follows a stated push for greater autonomy in raw material sourcing, better resilience to oil market swings and stronger operating capability at the refinery.

Expert commentary

“A framework agreement is not a cargo: no volumes, no price, no first-delivery date were disclosed. What BSR is buying is optionality. Dung Quat took in about 8.28 million tonnes of crude in 2025 and imports were 31% of that; for 2026 the plan is roughly 15%, so the import window is narrower and competition inside it is tougher.

ExxonMobil Asia Pacific joins Chevron on a list that already includes West African, Mediterranean and Southeast Asian grades. The real asset here is not the signature but the plant itself: 40 approved crude grades, 28 of them imported, with Nigeria's Erha running up to 45% of the blend. That flexibility is what lets a refiner switch to whichever crude is cheapest on a delivered basis instead of paying up for a habitual grade.

The constraint is technical, not commercial. Every new grade has to clear blend ratios and operating modes, which is why three grades mastered in a year is a normal pace rather than a slow one. Read the deal as insurance against disruption in one sourcing region, not as a pivot of Vietnamese purchases toward the United States — at a 15% import share, US barrels will arrive selectively, when the economics of the voyage work.”

Priya Raghavan

Energy Markets Analyst