Idemitsu Kosan and Kuwait Petroleum to register joint venture company in Vietnam
Japan’s Idemitsu Kosan Co., Ltd., based in Tokyo, has applied to register a joint venture company with Kuwait Petroleum International Ltd. (KPI), the downstream marketing arm of Kuwait Petroleum Corporation, in Vietnam.
Idemitsu and KPI have recently obtained the Investment Registration Certificate from the Vietnamese Government to apply for the Enterprise Registration Certificate for the joint venture company.
The joint venture company, which will be named Idemitsu Q8 Petroleum Limited Liability Company, will engage in retail and wholesale operations, mainly through the construction and management of service stations across Vietnam, as well as importation of petroleum products. The joint venture will be based in the capital city Hanoi and will be a 50-50 split between the two companies.
Idemitsu has been working towards establishing a petroleum products business focused on supply and sales in the growing markets of Pacific Rim countries.
Both Idemitsu and KPI have a stake in the Nghi Son Refinery and Petrochemical Limited Liability Company in Vietnam. Other stakeholders in the refinery include Mitsui Chemicals and PetroVietnam. The Nghi Son Refinery and Petrochemical Complex is now under construction and expects to start commercial operations in 2017.
Idemitsu and KPI hope to participate in the growing Vietnamese market, where demand for petroleum products is expected to continue to grow, by providing a stable supply of petroleum products to be produced in the Nghi Son Refinery.