Business

Idemitsu to expand investment in Vietnam

Hideaki Egashira, General Director of Idemitsu Vietnam Co Ltd, a subsidiary of Japanese petroleum company Idemitsu Kosan, has revealed plans to expand the company's investment portfolio in Vietnam.

Hideaki Egashira revealed plans to expand Idemitsu's investment in Vietnam. (Photo: tapchicongthuong.vn)
Hideaki Egashira revealed plans to expand Idemitsu's investment in Vietnam. (Photo: tapchicongthuong.vn)

Hanoi (VNS/VNA) - Hideaki Egashira, General Director of Idemitsu Vietnam Co Ltd, a subsidiary of Japanese petroleum company Idemitsu Kosan, has revealed plans to expand the company's investment portfolio in Vietnam.

The plans include a green fuel project in Binh Dinh and a project to reduce carbon emissions from sugarcane raw material in Thanh Hoa.

Egashira revealed the plans at a meeting with Deputy Minister of Trade and Industry Nguyen Hoang Long, and expressed gratitude to the Ministry of Industry and Trade (MoIT) for its support of the company's Nghi Son Refinery and Petrochemical project.

Currently, the Nghi Son Refinery operates stably at 120% capacity, contributing significantly to national energy security, particularly amid global geopolitical and economic fluctuations.

In close collaboration with the Vietnam Oil and Gas Group (Petrovietnam), the company's stakeholders are making maximum efforts to restructure the project.

In oil and gas exploration and production, Idemitsu continues to ensure a stable supply of gas to power plants through the Sao Vang – Dai Nguyet gas project.

Long commended the contributions of the Nghi Son Refinery project and reaffirmed the Government and MoIT's commitment to supporting the project.

Nghi Son Refinery is a joint venture project sponsored by four corporations: Vietnam Oil and Gas Group (PVN), Kuwait Petroleum Europe B.V. (KPE) from Kuwait, and Idemitsu Kosan and Mitsui Chemical Inc from Japan.

With a total investment of about 9 billion USD, it is one of the largest foreign-invested projects in Vietnam and has been in commercial operation since late 2018.

In 2024, the refinery processed 83 million barrels, equivalent to 11.4 million tonnes of crude oil./.

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