First foreign-owned petrol station opens

07-Oct-2017 Intellasia | VNS | 6:00 AM Print This Post

The first wholly foreign owned petrol service station in Vietnam was opened on October 5 in Hanoi’s Thang Long Industrial Park.

The station is owned by a 50:50 joint venture of Japan’s Idemitsu Kosan Company Limited and State-run Kuwait Petroleum International Limited.

It covers a 6,000 sq.m area in Thang Long Industrial Park, Dong Anh District, Hanoi, which is home to the facilities of numerous Japanese firms.

Idemitsu Q8 Petroleum Limited Liability Company (LLC) was established in 2016 to distribute petroleum products in the expanding Vietnamese market, based on the experience of the two partners in Europe and Japan.

The station is equipped with an automated station management software system that allows payment by card with many advanced features. The software allows accurate management of fuel quantities, providing detailed reporting of transactions to customers.

Hiroaki Honjo, general director of Idemitsu Q8 Petroleum LLC, said the joint venture would become Vi?t Nam’s number one service provider.

Idemitsu Kosan has been conducting petroleum exploration in Vietnam since the 1990s. Recently, the investor has been involved in Nghi Son Refinery in Thanh Hoa Province and a number of lubricant business activities nationwide.

Idemitsu Q8 Petroleum LLC plans to build a sales channel by opening a network of service stations concentrated on the area between Hai Phong Port and Hanoi along National Highway 5, home to a concentration of logistics operations. The company also plans to expand its service stations to southern provinces.


Category: Business

Print This Post