An oil refinery joint project involving Japan’s major oil wholesaler Idemitsu Kosan in Vietnam has completed.
According to a report on NHK, Idemitsu, Mitsui Chemicals and state-run oil companies of Vietnam and Kuwait have invested in the Nghi Son oil refinery in the northern Vietnamese province of Thanh Hoa.
The refinery, the second of its kind in Vietnam, began full-fledged operation in October. It has a daily production capacity of 200,000 barrels.
On Sunday, about 1,000 people attended a ceremony at the refinery. Vietnamese Prime Minister Nguyen Xuan Phuc said with the completion of the new refinery Vietnam can provide about 80 percent of domestic demand and reduce its dependence on imported oil.
Idemitsu Kosan President Shunichi Kito said Vietnam’s demand for oil will grow as the motorization of the country progresses. He said he hopes the refinery will provide stable supplies of oil, and that Vietnamese people will be better off.
Vietnam has seen annual economic growth of more than six percent, and the number of motorbikes and vehicles has been increasing.