JX Nippon looks for the good oil

January 28, 2013 | 15:05

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Japan-based JX Nippon Oil and Energy Corporation has started construction of its lubricant blending plant in Haiphong’s Dinh Vu Industrial Zone.

The four-hectare, $40 million JX Nippon Oil and Energy Vietnam Lubricant Blending project is planned to begin commercial operation in early 2014 with an annual productivity of about 40,000 tonnes.

JX said it expected Vietnam to be a potential market for lubricant oil and the corporation selected Dinh Vu because of its strategic location, easy access, good transport infrastructure and tax incentives.

Most importantly, JX said the industrial zone already had built its jetty and supporting pipe rack system for clients in petrochemical industry.

JX Nippon Oil and Energy Corporation is the eighth Japanese investors to have developed a project in Dinh Vu Industrial Zone.

So far, Dinh Vu has attracted 47 projects of with Japanese investment accounting for 50 percent of the total registered capital.

In 2013, Dinh Vu Industrial Zone expect to attract some more $100 million in foreign direct investment.

JX Nippon Oil and Energy started its lubricant business in Vietnam in 1996 and established its representative office in Ho Chi Minh city in 2010.

By Nguyen Chung

vir.com.vn

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