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, Idemitsu said on April 18.

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.

Vietnam gives thumbs down to state oil giant’s bid to monopolize market

Oil and gas behemoth PetroVietnam has demanded that all local fuel businesses be obliged to buy products of its refinery before purchasing from foreign sources, but the demand has been turned down by relevant ministries.

Vietnam gives thumbs down to state oil giant’s bid to monopolize market

Vietnam, Russia enhance oil and gas cooperation

VOV.VN - The Vietnamese and Russian foreign ministers have agreed to further enhance bilateral cooperation in offshore oil and gas exploration, the Russian Foreign Ministry said on March 11 in a prepared statement.