Vietnam Proposes Studying Nghi Son Crude Oil Reserve Center with Idemitsu Kosan
Vietnam’s Standing Deputy Prime Minister Phạm Gia Túc met an Idemitsu Kosan executive on November 11, 2026, and proposed studying a crude oil reserve center in Nghi Son while ensuring a stable supply to the refinery. Idemitsu Kosan said the plant’s operational efficiency had improved and it would continue discussing the proposals with its partners.
On the morning of November 11, 2026, Vietnam’s Standing Deputy Prime Minister Phạm Gia Túc met Atsuhiko Hirano, executive vice president and CEO of Japan’s Idemitsu Kosan. He called on the company to work with its partners to maintain a stable crude oil supply for the Nghi Son refinery and petrochemical plant and to study a joint crude oil reserve center in the Nghi Son area. The center would prioritize the plant’s needs while also being able to supply other partners commercially.
Vietnam’s Standing Deputy Prime Minister Phạm Gia Túc meets Idemitsu Kosan executive Atsuhiko Hirano.（VietVance）
Phạm Gia Túc said the Nghi Son refinery and petrochemical project had seen positive changes in production and business operations in 2026 after a period of difficulties. He called on the company to continue controlling costs, improving operational efficiency, reviewing investments needed to keep the plant running, and strengthening staff development and the use of advanced technology.
Vietnam is advancing its energy transition while emphasizing energy security. Phạm Gia Túc suggested that Idemitsu Kosan study expanded investment in oil and gas exploration and production, renewable energy, biofuels and carbon reduction, and share its experience on energy industry policies in areas such as nuclear power and offshore wind power.
Atsuhiko Hirano said Idemitsu Kosan began oil and gas exploration and development in Vietnam in 1989. It now operates in seven business areas in the country and has about 2,000 employees. Its main investments include the Nghi Son refinery and petrochemical project, natural gas development and production, lubricants, and fuel pellets used as an alternative to coal.
Atsuhiko Hirano said Idemitsu Kosan would continue studying the development of new products in Vietnam.（VietVance）
Regarding the Nghi Son refinery and petrochemical plant, Atsuhiko Hirano said its operational efficiency had improved and preliminary results for 2026 showed the possibility of turning a profit. Idemitsu Kosan will continue discussing ways to improve efficiency, stabilize crude oil supplies and potentially develop a crude oil reserve center with Petrovietnam and other partners. It will also study new products and asphalt production technology.
Source: VietVance
