BSR promotes circular economy through cooperation in recycling and sustainable fuel production

On September 19, 2025, Binh Son Refining and Petrochemical Joint Stock Company (BSR) held a signing ceremony of a cooperation agreement with GTS Innolab Company Limited (GTSI). This event is an important step in the roadmap to gradually complete the circular economy strategy at Dung Quat Oil Refinery, aiming to improve competitiveness and sustainable development with key solutions on sustainable fuels, waste recycling and circulation, and application of advanced materials.

Attending the signing ceremony, on behalf of BSR , there were Mr. Bui Ngoc Duong - Chairman of the Board of Directors; Mr. Nguyen Viet Thang - General Director; along with members of the Board of Directors, Board of Management, Board of Directors of Dung Quat Oil Refinery and representatives of functional departments. On behalf of GTSI, there were Mr. Phan Truong Son - Chairman of the Board of Directors; Mr. Nguyen Xuan Truong - General Director; along with members of the Board of Directors, Board of Management, Directors of affiliated units and experts.

Mr. Bui Ngoc Duong - Chairman of the Board of Directors of BSR Company emphasized BSR's goals for cooperation between the unit and GTSI.

The cooperation agreement between BSR and GTSI aims to exploit the potential and strengths of the parties in terms of facilities and resources. The objective is to evaluate the possibility of using pyrolysis oil from tires and waste plastics using GTSI technology to blend with BSR's FO/MFO fuel oil to produce sustainable marine fuel oil (S-MFO). At the same time, the two parties will also coordinate to research and develop technology to recycle or treat BSR's waste streams (sludge, wastewater, waste catalysts, etc.). Thereby, contributing to improving BSR's competitiveness and sustainable development.

At the signing ceremony, Mr. Bui Ngoc Duong - Chairman of the Board of Directors of BSR said that the unit plans to research and produce new products in the direction of green energy transition and is determined to successfully achieve the goals. "With this cooperation, we will work together closely and effectively, develop and expand the production and business scale of both sides. For BSR, we request that the functional departments focus on coordinating to continue improving technology to ensure suitability and build specific goals. Thereby, we will soon launch new products with appropriate scale to serve as a foundation for continued development in the coming time", Mr. Bui Ngoc Duong - Chairman of the Board of Directors of BSR emphasized.

The signing of the cooperation agreement between BSR and GTSI also aims to promote research and application of advanced technology for development in the energy transition trend. This also contributes to helping BSR continue to develop sustainable fuels, waste treatment and environmental protection.

BSR and GTSI sign cooperation agreement

It is known that GTSI is a member of the GTS (Green Technology Solution) ecosystem, which is a prominent unit in modern pyrolysis technology by using high temperatures in the absence of oxygen to decompose organic waste such as plastic, rubber, agricultural by-products... into useful products such as fuel oil, gas, bio-char. With advanced equipment and a strict control system, this technology helps to effectively recycle waste, reduce greenhouse gas emissions and contribute to promoting a circular economy . With this modern technology, GTSI has achieved many international environmental certificates. In addition, GTSI also researches green - nano materials and has experience in waste treatment projects.

In recent times, BSR and GTSI have had initial cooperation and achieved high results in developing sustainable marine fuel (S-MFO) and recycling sludge, waste catalysts and wastewater of BSR. The cooperation agreement between the two sides opens a new phase in developing sustainable fuel solutions, recycling - recycling waste and applying advanced materials, thereby improving competitiveness, while promoting BSR to gradually complete the circular economy strategy at Dung Quat Oil Refinery and sustainable development.

Chinh Linh

Source: https://bsr.com.vn/web/bsr/-/bsr-thuc-day-kinh-te-tuan-hoan-qua-hop-tac-tai-che-va-san-xuat-nhien-lieu-ben-vung