Vietnam Refining and Petrochemical Corp. (BSR) has entered talks with a consortium of FutureTec Co. and Zhejiang Hanghua Technology Co. Ltd. (Hanghua) to discuss and explore development opportunities along the refining and petrochemical value chain.

At a Nov. 5 meeting between the parties, officials from the companies weighed potential collaborations on the deep processing of petroleum products, the development of value-added products, and research into related industrial infrastructure projects, BSR said in a release Nov. 6.

While specific projects discussed at the meeting were not revealed, BSR said the event has laid the groundwork for further in-depth talks on potential areas of collaboration that would contributing to expanding the petrochemical refining value chain, improving resource utilization efficiency, and moving operations towards sustainable development.

The proposed collaboration discussion comes amid shared interests of BSR and the FutureTec-Hanghua consortium in developing green, clean, and environmentally friendly products, as well as researching and developing new higher-value products, BSR said.

With its experience in operating and managing refineries, BSR offers a favorable platform for expanding cooperation efforts with partners such as FutureTec and Hanghua that bring specialized capabilities in technology, research, and product development, added Nguyen Viet Thang, BSR’s general director.

Potential collaborations with external partners come alongside BSR’s upgrading and expansion project now underway at the operator’s the 6.5-million tonne/year (tpy) refinery in the Dung Quat Economic Zone of Binh Tri Commune in Binh Son District, Quang Ngai Province, Vietnam.

During the Nov. 5 meeting with the FutureTec-Hanghua consortium, BSR said its near-term plans for the refinery—which is currently operating at about 121% capacity—include further improving operational efficiency; optimizing technological processes; diversifying crude oil and product sourcing; as well as developing additional cleaner, sustainable fuels, petrochemicals, and high-value products.

The operator said it will also continue focusing on efforts further efficient energy use, emission reduction, water reuse, and promoting a circular economy, all areas in which BSR sees potential for expanding cooperation with domestic and international partners in the fields of research, technology application, innovation, digital transformation, new product development, and solutions serving ESG and energy transition goals.