Japanese company to invest $23m to construct lubricant plant in Hai Phong

20-Aug-2012 Intellasia | Vietnamplus | 11:20 AM

Hai Phong economic zone (EZ)’s board of managers has offered an investment certificate to Idemitsu Vietnam Lubracant Ltd (Idemitsu Vietnam) situated in the Dinh Vu industrial zone, HaiPhong on August 16, 2012.

Idemitsu Vietnam has 489.3 billion dong of total chartered capital, equal to around $23.3 million with 100 percent capital from Idemitstu Kosan (Japan). Ryuji Kusaka is its managing director.

Its business lines are lubricant produced from raw oil and imported additives; providing support services for product consumption; technical support for its own produced products and supporting services for Idemitsu’s products.

Idemitsu expects to launch its first commercial products in 2014.

Idemitsu Kosan is one of Japanese biggest economic groups. It was founded in 1911 and specialised in Petrochemistry, lubricating oil mixing, mineral resources and energy exploiting such as uranium, coal and thermoelectricity.

Idemitsu Vietnam is one of 20 Japanese enterprises operating in Dinh Vu – Cat Hai EZ.