Idemitsu Kosan Co., Ltd established Nghi Son Refinery and Petrochemical LLCin 2008, together with Mitsui Chemicals, Inc., Kuwait Petroleum International, and PetroVietnam in order to develop a workable concrete business scheme for the possible refinery business in Vietnam as well as conducting Front-End Engineering Design work for an international bidding.It decided to select a construction consortium for the Nghi Son Refinery and Petrochemical Complex and issued “Letter of Award (LOA)” through NSRP to the consortium for that Engineering, Procurement and Construction (EPC) as outlined below.
NSRP will launch syndication procedures of a co-financing arrangement with international commercial banks, Export Credit Agencies (ECAs) and Multi-Lateral Agency (MLA) shortly.
The goal of this challenge is to develop a world-class refinery and petrochemical complex utilizing technical and operational expertise that Idemitsu has developed in its petroleum and petrochemicals business in Japan.
Idemitsu believes that the refinery will be able to contribute to supply petroleum products in the rapidly growing domestic market of Vietnam. Idemitsu also has intent to have a strategic advantage in growing markets of Southeast Asia strengthening business partnerships with oil-producing countries.