Idemitsu Kosan to invest US$5.8 billion in Vietnam refinery complex

Idemitsu Kosan is considering borrowing US$5.8 billion from the Japan Bank of International Cooperation to invest in the Nghi Son oil refinery and petrochemical complex in Vietnam’s central province of Thanh Hoa. Idemitsu, along with three other investors of Vietnam Oil and Gas Group (PetroVietnam), Kuwait Petroleum International Ltd., and Mitsui Chemicals Inc., plans to kick-start the complex in the first quarter of this year. Once operational, the complex will be capable of refining 10 million tons of crude oil a year. PetroVietnam holds a 25.1% stake in the project, Idemitsu and Kuwait Petroleum International Ltd. have an equal 35.1% stake each, and Mitsui Chemicals Inc. with 4.7%. (February 8,2011)