Japan’s leading energy firm JX Nippon Oil & Energy (JX NOE) and the Vietnam National Petroleum Group (Petrolimex) reached a strategic cooperation deal that includes the development of the Nam Van Phong petrochemical complex.

Under a memorandum of understanding (MoU) inked recently, the two sides agreed to continue deploying the Nam Van Phong petrochemical complex project in line with the planning that was approved by the Prime Minister.

The pair expected to establish a joint venture to invest in the project in mid-2015,

Petrolimex holds the biggest fuel oil market share in Vietnam.

Meanwhile, JX NOE is a leading company in fuel refinery and crude oil merchandise. The company accounts for one third of Japan’s total oil production and is the sixth largest lubricant maker in the world.

The company started selling lubricant in Vietnam in 1996 and opened its representative office in Ho Chi Minh City in 2010.-VNA