The Malaysia Vietnam Offshore Terminal Ltd. (MVOT), a joint venture between PetroVietnam Technical Services Corp and Malaysia’s MIBS Bhd, has won a US$176 million contract to provide equipment for Idemitsu Kosan to develop the Sao Vang-Dai Nguyet gas project.
Japan-Kuwait joint venture Idemitsu Q8, the first 100% foreign-owned oil & gas retail company in Vietnam, has opened its third petrol station in the northern province of Hung Yen.
After successfully producing RON 92 (MOGAS92) and RON95 (MOGAS95) in early May, on May 23, Nghi Son Refinery and Petrochemical LLC in Nghi Son Economic Zone, Thanh Hoa province also successfully produced 5,000 cubic metres of diesel oil (DO) meeting all required specifications and sold it on the domestic market.
Foreign petrol distributors have set foot in the Vietnamese market, but they will have to confront Petrolimex, the giant which holds 50% of market share, and other rivals.
Japanese oil firm, Idemitsu Kosan Co Ltd (Idemitsu), plans to build a US$1 million Dinh Vu Port Petrol Station.
Idemitsu Kosan has opened its first 100% foreign owned filling station in the country.
The Vietnamese petroleum market is attracting more foreign investors.
The commercial start-up of Vietnam's new US$7.5 billion Nghi Son oil refinery will be delayed to 2018, from an initial expected start-up in the third quarter of this year, according to a notice on a government website.
By the end of 2014, Petrolimex, the Vietnam Petroleum Import/Export Corporation (Petrolimex), held 48% of the domestic petroleum distribution market.
Nghi Son Refinery and Petrochemical Limited Liability Company (NSRP) is considering doubling the capacity of its refinery complex, scheduled to start operations in July 2017, to 400,000 barrels per day (bpd) to meet growing domestic demand, said NSRP General Director Kazutoshi Shimmura.
(VOV) -Japanese Idemitsu Kosan company on August 21 announced that it has struck oil at its fourth oil-well at plot 05-1b and 05-1c offshore southern Vietnam.
Japan’s energy firm Idemitsu Kosan Ltd, Co. has established a subsidiary in Vietnam for production and sales of lubricant oil for motorbikes, meeting the growing demand of this product.
Japan's third-biggest oil refiner Idemitsu Kosan is entering the final stage of talks on Nghi Son project, the second oil refinery in Vietnam, with an estimated investment of US$8-10 billion.