Japan’s Idemitsu Kosan Co Ltd announced plans to build a second service station in Vietnam. Idemitsu’s first service station opened in the capital city of Ha Noi last October. If approved by the government, the second service station will be located in the northern Hai Phong Port City of Vietnam. Investment in the new fuel retail outlet is estimated at USD 1 million.
In addition, Idemitsu Kosan also plans to build a lubricant blending plant in the city, local media reported.
Idemitsu Kosan Chief Representative for Viet Nam, Nobuyuki Nakamura, had a meeting with the chairman of the municipal People’s Committee, Nguyen Van Tung, about the Japanese oil company’s investment plans, local media reported.
Construction of the service station is planned to start in January 2018. Covering an area of 10,000 sq.m, the station is expected to bring annual revenues of more than USD 10 million. No date was given for the construction of the lube blending plant.
Tung is said to have confirmed that the local government will create favorable conditions to help Idemitsu Kosan implement its projects and continue to make investments in the city.