JV to build service stations around country.
The Idemitsu Kosan Co. (Idemitsu) and Kuwait Petroleum International Ltd (KPI) have applied to register a joint venture company, Idemitsu Q8 Petroleum LLC, to distribute petroleum in Vietnam, Idemitsu announced on its website on April 18.
The joint venture will be located in Hanoi and has 50/50 investment. Its business lines include the import, wholesale and retail of petroleum products.
Idemitsu and KPI also have a stake in the Nghi Son Refinery and Petrochemical LLC and are also preparing to launch a petroleum products distribution business in the country.
The companies have recently obtained an investment certificate from the government enabling them to apply for an enterprise registration certificate for the joint venture, according to announcement on the website.
Idemitsu revealed that together with KPI it intends to promote retail and wholesale operations, mainly through the construction and management of service stations around Vietnam.
Idemitsu is Japan’s second-largest petroleum group, following Nippon Oil, and is involved in almost all facets of the sector, from manufacturing to distribution. KPI is from Kuwait and owns Q8, a gasoline brand that consumes some 450,000 barrels a day.