EPC Contract Implementation Kicks Off for the Dung Quat Refinery Upgrading and Expansion Project: One Team, One Goal - Driving Success Together

Strengthening EPC contract management capacity for the Dung Quat Refinery upgrading and expansion project

General Director Le Manh Cuong: PETROVIETNAM focuses its resources on building an industrial and energy ecosystem in Dung Quat

With a proactive approach and a strong sense of responsibility, the Project Owner, the WOOD - PVE Project Management Consultancy (PMC) Consortium, and the Chengda - BPE EPC Consortium have worked closely to mobilize key personnel, establish the project management structure, align coordination procedures, prepare implementation plans, and develop an overall project governance framework. These efforts have laid a solid foundation for the successful organization of the EPC Contract Kick-off Meeting.

On August 21, 2026, the EPC Contract Kick-off Meeting was held with the participation of leaders and project management teams from BSR, the WOOD - PVE PMC Consortium, and the Chengda – BPE EPC Consortium.

Representative of the Project Owner delivering remarks at the meeting

The meeting marked an important milestone, officially signaling the transition of the Project into the implementation phase and demonstrating the shared commitment of all parties to establishing an effective and transparent cooperation model toward the Project’s strategic objectives.

One Goal, One Action

At the meeting, the parties conducted a comprehensive review of the Project’s overall objectives, including increasing the Dung Quat Refinery’s processing capacity from 148,000 barrels per day to 171,000 barrels per day; enhancing crude oil processing flexibility; producing products that meet EURO V fuel standards; complying with the Government’s environmental requirements and roadmap; and improving investment efficiency.

Throughout the discussions, the parties agreed on a common action message:

“One Team, One Goal - Safe. On Time. Together.”

The message reflects the commitment of the Project Owner, PMC Consultant and EPC Contractor to work together as one unified team, share responsibilities, and jointly address challenges throughout the Project implementation process.

Representatives of the Project Owner, PMC Consultant and EPC Contractor signing a joint commitment to implement the Dung Quat Refinery Upgrading and Expansion Project safely, on schedule, within budget and in compliance with technical requirements

Establishing a Governance Foundation for the Implementation Phase

One of the key outcomes of the meeting was the parties’ agreement on project governance mechanisms from the outset of implementation.

Accordingly, the governance principles are built on clearly defined responsibilities, authorities and coordination mechanisms among the parties; ensuring timely, transparent and well-founded decision-making; strengthening proactive risk management and effective change management; and maintaining technical and technological assurance throughout the Project lifecycle.

BSR, as the Project Owner, assumes overall project governance responsibility; the WOOD - PVE Consortium serves as the PMC Consultant to support project management and supervision; while the Chengda – BPE Consortium is responsible for engineering, procurement, construction and commissioning activities within the scope of the EPC Contract.

Early alignment on the governance model is expected to provide a solid foundation for coordinated implementation, improve work efficiency and ensure timely decision-making from the first months of the Project.

Strong Commitment to Key Objectives and KPIs

At the meeting, the parties also agreed on key objectives and performance indicators (KPIs) to serve as the basis for project management and performance monitoring throughout the implementation process.

Safety and quality were identified as core values and the Project’s highest priorities, with the objectives of ensuring compliance with contractual quality requirements and preventing occupational accidents and serious incidents.

Regarding schedule, the parties committed to mobilizing all necessary resources to achieve key milestones in accordance with the approved plan, with the aim of reaching Initial Acceptance one month earlier than the contractual schedule.

In terms of cost, the Project will be implemented under strict cost control within the value of the signed contract, ensuring investment efficiency and optimal use of resources.

In addition, objectives for commissioning, operation and capability development have been established with specific quantitative targets and commitments, aiming to bring the facility into safe, stable and efficient operation.

Working Together for Shared Success

At the meeting, BSR reaffirmed its commitment to working closely with the PMC Consultant and EPC Contractor throughout the Project implementation by mobilizing the Project Owner’s resources at an early stage, strengthening coordination with relevant government authorities, supporting the resolution of emerging issues, and facilitating prompt review and feedback on critical-path documents and submissions.

These commitments demonstrate the Project Owner’s strong determination to create favorable conditions for effective Project implementation while fostering an open, transparent and results-oriented cooperation environment.

At the conclusion of the Kick-off Meeting, the leadership of BSR, the WOOD – PVE PMC Consortium and the Chengda - BPE EPC Consortium jointly signed a commitment to implement the Dung Quat Refinery Upgrading and Expansion Project safely, on schedule, within the approved budget and in full compliance with technical requirements.

The parties affirmed that these commitments represent not only their contractual responsibilities and obligations, but also the reputation, credibility and honor of the EPC Contractor, PMC Consultant, Project Owner and other stakeholders.

The Project Owner, PMC Consultant and EPC Contractor endorse the common action message: “One Team, One Goal - Safe. On Time. Together.”

With the spirit of “One Team, One Goal - Safe. On Time. Together,” the Kick-off Meeting has established an important foundation for seamless coordination among the parties and laid a solid groundwork for the EPC implementation phase, with the highest level of determination.

BSR