Idemitsu, Kuwait's KPI to set up Vietnam oil sales joint venture

Japanese oil refiner Idemitsu Kosan Co and Kuwait's state-run Kuwait Petroleum International (KPI) have applied with Vietnam to set up a joint venture to sell oil products in the southeast Asian country

The construction site of Vietnam's second oil refinery, Nghi Son, is seen in Thanh Hoa Province, located in north-central Vietnam.

TOKYO, April 18 - Japanese oil refiner Idemitsu Kosan Co and Kuwait's state-run Kuwait Petroleum International (KPI) have applied with Vietnam to set up a joint venture to sell oil products in the Southeast Asian country, Idemitsu said on Monday.

The two companies are involved in constructing Vietnam's second oil refinery, the 200,000-barrel-per-day Nghi Son facility, which is scheduled to start operations in the summer of 2017.

The joint venture aims to launch fuel service stations in Vietnam starting early next year and begin wholesale oil operations or direct sales to businesses in the future, an Idemitsu spokesman said.

The venture will mainly receive fuel supplies from the Nghi Son facility once it starts operations, he added.

 

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