Japan's Idemitsu keen on oil & gas exploitation in Vietnam

Japanese petroleum giant Idemitsu Kosan Co.,Ltd. is interested in deepening its engagement in the Vietnamese oil and gas industry, including exploration and exploitation of fossil fuels, said a company executive.

At a meeting with Deputy Minister of Industry and Trade Nguyen Hoang Long in Hanoi on Monday, CEO of Idemitsu Vietnam Co., Ltd. (IKCV) Hideaki Egashira expressed his company's wish to expand cooperation with Vietnamese authorities in the fields of the company's strength and Vietnam's needs, including gasoline distribution.

Idemitsu Kosan, which has been present in Vietnam for over three decades, currently holds a 35.1% stake in the Nghi Son Refinery and Petrochemical LLC (NSRP) in central Vietnam.

Hideaki Egashira stressed Idemitsu Kosan's long-term commitment to NSRP and pledged to work closely with Petrovietnam and other stakeholders to secure the facility's safe and stable operation, contributing to Vietnam's energy security.

Furthermore, IKCV is keen on joining hands with Vietnamese partners to promote green energy transition and carbon neutral projects, supporting Vietnam's net zero commitment by 2050.

In response, Deputy Minister Long said he appreciated Japanese investors' long-standing operations in Vietnam, particularly in the energy field. The ministry commits to facilitating Idemitsu's projects in Vietnam, Long added.

IKCV, a unit of Tokyo-based Idemitsu Kosan Co., Ltd., was established in October 2023 to manage Idemitsu's seven projects in Vietnam and realize the company's expansion strategy in the Southeast Asian country, including energy transition and carbon neutrality.

The company and the Vietnamese Ministry of Industry and Trade have cooperated in information sharing, energy market regulation, and human resource training.