Long praised Idemitsu’s cooperation in securing crude oil supplies for the Nghi Son Refinery and Petrochemical complex, especially amid escalating tensions in the Middle East.

He urged Idemitsu to leverage its role as a strategic shareholder and team up with other partners to respond swiftly to geopolitical shifts, ensuring a stable, sustainable crude oil flow to the refinery.

On exploration expansion, he encouraged Idemitsu to study bidding rounds hosted by the Vietnam National Industry - Energy Group (Petrovietnam) in compliance with local law.

Hirano, in reply, briefed Long on the IKC’s operations in Vietnam. Founded in 1911, it was among the first international oil companies to enter the Vietnamese market in the early 1990s.

Idemitsu’s local unit, Idemitsu Vietnam Co., was established and began operations in October 2023 to reinforce support for ongoing projects. The company is scouting for investment opportunities, including research and development tied to energy transition and carbon neutrality, he said.

The guest asked for continued backing from the Ministry of Industry and Trade and relevant Vietnamese agencies to run existing projects and expand investment in the energy sector, thereby contributing to bilateral economic ties.

Idemitsu to expand investment in Vietnam

Hideaki Egashira, General Director of Idemitsu Vietnam Co Ltd, a subsidiary of Japanese petroleum company Idemitsu Kosan, has revealed plans to expand the company's investment portfolio in Vietnam.