Itochu takes aim at energy industry

The corporation wants invest in the $3.7 billion Long Son petrochemical complex in Ba Ria-Vung Tau province, a joint venture between Thailand’s Siam Cement Group, PetroVietnam and Vinachem.

The announcement was released at a meeting between Itochu representatives and Minister of Planning and Investment Vo Hong Phuc in Hanoi last week.

“Itochu intends to take part in a joint venture to invest in this project. We and a Qatari partner are working to join the joint venture,” said an Itochu’s senior officer.

The name of Qatari partner was not mentioned during the meeting, but late last year Siam Cement Group announced that it signed a framework agreement with Qatar Petroleum International to invest into this project, in which the Thai conglomerate holds a 71 per cent stake.

He said Itochu had reached an initial agreement with the existing members of the joint venture, but he did not revealed how much money the corporation would invest into the project.

Japan’s Itochu Corporation is grabbing a foothold in Vietnam’s petrochemical sector.

The corporation wants invest in the $3.7 billion Long Son petrochemical complex in Ba Ria-Vung Tau province, a joint venture between Thailand’s Siam Cement Group, PetroVietnam and Vinachem.

The announcement was released at a meeting between Itochu representatives and Minister of Planning and Investment Vo Hong Phuc in Hanoi last week.

“Itochu intends to take part in a joint venture to invest in this project. We and a Qatari partner are working to join the joint venture,” said an Itochu’s senior officer.

The name of Qatari partner was not mentioned during the meeting, but late last year Siam Cement Group announced that it signed a framework agreement with Qatar Petroleum International to invest into this project, in which the Thai conglomerate holds a 71 per cent stake.

He said Itochu had reached an initial agreement with the existing members of the joint venture, but he did not revealed how much money the corporation would invest into the project.