Japanese refiner Idemitsu Kosan Co. will enhance its crude and oil products trading in Singapore as it aims to globally expand its business. Since 2003, the refiner company has closed 24% of processing capacity.
A US$9 billion worth of investment is planned by Idemitsu with its partners. The goal is to build a 200,000 daily barrel refinery in Vietnam. This is to capture a growing demand despite the falling local consumption. In 2017, the Nghi Son plan is scheduled to start its operation.
In May 31, the designated president of the company, Takashi Tsukioka said to further enhance the function of the firm's office in Singapore. This is with the impending operation of a new refinery in Vietnan.
By 2020, Japan's demand for gasoline will decrease by 31% following the country's drive towards improving fuel efficiency. The forecast was according to the Japan's Ministry of Economy, Trade and Industry.
The Singapore unit of Idemitsu will be responsible in arranging crude shipments from countries including Kuwait according to Tsukioka.
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