Kuwait Petroleum, Japan's Idemitsu To Open Vietnam's 1st Service Station

State-run Kuwait Petroleum International (KPI) and Japan's leading refiner Idemitsu Kosan Co. are set to jointly begin operating a service station business in Vietnam next Thursday, Idemitsu said in a press release Tuesday.

KPI and Idemitsu will run the business in the capital Hanoi through Idemitsu Q8 Petroleum, their 50-50 joint venture, the Tokyo-based firm said, adding that it will be Vietnam's first wholly foreign-owned service station. "This service station will differentiate itself from local competitors through proactively adopting and firmly establishing operations expertise based on Idemitsu's experiences operating service stations in Japan and KPI's experiences operating service stations under the Q8 brand in Europe," it said.

The service station is located inside Hanoi's Thang Long Industrial Park, home to the facilities of numerous Japanese firms, according to the press release.
"Starting with this service station, Idemitsu Q8 Petroleum first will build a sales channel by opening a network of service stations concentrated on the area," said Idemitsu.

The two companies are major investors in the Nghi Son Refinery and Petrochemical LLC, which is constructing Vietnam's second oil refinery to be operational in 2017.

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The 200,000-barrel-per-day Nghi Son Refinery and Petrochemical Project is 35.1 percent evenly owned by KPI and Idemitsu, 25.1 percent by state-owned PetroVietnam and 4.7 percent by Japan's Mitsui Chemicals Inc.

KPI's parent company Kuwait Petroleum Corporation (KPC) will supply all the feedstock for the facility, which will also include petrochemical units, energy facilities, a pipeline and storage systems, along with an information management system.

SOURCE : KUNA

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