Deputy Minister Nguyen Hoang Long holds talks with Idemitsu leadership

During the meeting, Atsuhiko Hirano briefed Deputy Minister Nguyen Hoang Long on IKC’s activities in Vietnam.

Overview of the meeting.

Founded in 1911, Idemitsu’s core business focuses on petroleum products and crude oil-related operations. The company was among the first international oil firms to enter the Vietnamese market in the early 1990s.

Meanwhile, Idemitsu Vietnam Co., Ltd. (IKCV) was established and began operations in October 2023 to strengthen support for Idemitsu’s ongoing projects in Vietnam. The company is also seeking opportunities to expand its investment activities in the country, including research into energy transition and carbon neutrality.

Deputy Minister of Industry and Trade Nguyen Hoang Long.

Idemitsu’s leadership expressed its desire to continue receiving support and facilitation from the Ministry of Industry and Trade and relevant Vietnamese authorities to effectively implement its existing projects, while expanding investment cooperation in the energy sector and contributing to the further development of economic ties between Vietnam and Japan.

Speaking at the meeting, Deputy Minister Nguyen Hoang Long highly appreciated Idemitsu’s coordination in supporting crude oil supplies for Nghi Son Refinery and Petrochemical LLC (NSRP), particularly amid escalating tensions in the Middle East.

Atsuhiko Hirano, Executive Vice President and Representative Director of Idemitsu.

The Deputy Minister proposed that Idemitsu continue to leverage its role as a strategic shareholder and work closely with other partners to promptly respond to geopolitical developments, ensuring a stable and sustainable supply of crude oil for NSRP.

Delegates attending the meeting.

Regarding the implementation of exploration and expansion programmes, the Deputy Minister encouraged Idemitsu to study and consider participating in bidding plans organised by Vietnam National Industry - Energy Group in accordance with relevant laws and regulations.

He also expressed his expectation that, with its extensive experience, financial strength and technological capabilities, Idemitsu would continue to work closely with Vietnamese partners in the energy sector.