November 12, 2008

Idemitsu Kosan to Open New Office in Vietnam

Idemitsu Kosan, a supplier of petroleum and petrochemical products, has decided to open a new office in Hanoi, Vietnam.

The company, in co-operation with Petro Vietnam, Kuwait Petroleum International and Mitsui Chemicals, established the joint venture Nghi Son Refinery & Petrochemical Limited Liability Company in April 2008 to implement a refinery and petrochemical complex project in Vietnam.

Currently, front-end engineering design (FEED) is progressing as scheduled. As a result of an examination of economic efficiency and financing, the company intends to start construction two years later, in 2010.

The company will research and investigate the feasibility of deploying energy-related businesses in Vietnam and its neighboring areas, including entry into the retail market in Vietnam, based on using the oil refinery business as a stepping stone to further development. The Hanoi office is expected to function as the base for such research and investigations.