Tokyo-Japan’s Idemitsu Kosan Co. said Monday it had applied to set up a 50:50 joint venture company with Kuwait Petroleum International aimed at distributing petroleum products in Vietnam. The new company will be called Idemitsu Q8 Petroleum Limited Liability Company, Idemitsu said. The Idemitsu-Kuwait joint venture will be adding to the competition in Vietnam’s retail market where Idemitsu estimates roughly half of the market is dominated by Petrolimex and 16% by PetroVietnam.
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