Contrary to recent reports, Japan’s leading refiner Idemitsu Kosan has renewed its commitment to actively engage in a proposed refining and petrochemical joint venture with Kuwait and Vietnam yesterday.
Partners in the project include Kuwait Petroleum Corporation (KPC), its subsidiary Kuwait Petroleum International (KPI), PetroVietnam and Mitsui Chemicals Incorporated. KPI and Idemitsu each own a 35.1% in the JV, while PetroVietnam and Mitsui Chemicals Inc. own 25.1% and 4.7% stake respectively.
An attempt is underway to speed up an international bidding process on engineering, procurement and construction for the US$6 bln Nghi Son Petrochemical Refinery Complex, scheduled to commence operation on 2014. The refinery will have capacity to treat 200,000 bpd of crude oil, which will be 100% provided by Kuwait.
The refinery will cater to 60% of Vietnam's domestic consumption, with capacity scalable to 400,000 bpd, to meet growing demand.