Registration of a Petroleum Products Distribution Company,Idemitsu Q8 Petroleum LLC, in Vietnam
Idemitsu Kosan Co.,Ltd. (Head Office: Chiyoda‐ku, Tokyo, hereinafter "Idemitsu") hereby announces that Idemitsu and Kuwait Petroleum International Ltd. (Head Office: Kuwait,hereinafter "KPI") have applied for registration of a Joint Venture Company, Idemitsu Q8 Petroleum Limited Liability Company, with the purpose of distributing petroleum products in Vietnam.
Idemitsu has been pushing ahead with the establishment of a foundation for the petroleum products business that covers supply and sales operations in growing overseas markets centering on Pacific Rim countries. Idemitsu and KPI, that have a stake of Nghi Son Refinery and Petrochemical Limited Liability Company in Vietnam, have been progressing to also launch a petroleum products distribution business in Vietnam. The companies have recently obtained the Investment Registration Certificate from the Vietnamese Government to apply the Enterprise Registration Certificate for a Joint Venture Company. Idemitsu and KPI intend to promote retail and wholesale operations, mainly through the construction and management of service stations (SS), across Vietnam.
Through the establishment of a petroleum product distribution company, Idemitsu and KPI will achieve a stable supply of products to the growing Vietnamese market, where demand for petroleum products is expected to follow a steady upward trend, thereby contributing to the social and economic development of Vietnam.
1．Trade name: Idemitsu Q8 Petroleum Limited Liability Company
2．Location: Hanoi, Socialist Republic of Vietnam
3．Investment ratio: Idemitsu 50%; and KPI 50%
4．Business line: Import, wholesale and retail of petroleum products through marketing activities in Vietnam