Idemitsu Kosan Co (Idemitsu) and Kuwait Petroleum International Ltd (KPI), plans to begin operating a service station business in Hanoi, Vietnam, through Idemitsu Q8 Petroleum LLC, a 50:50 joint venture company.
IQ8 will be the first foreign company to build and operate service stations in Vietnam. The first service station is located inside Hanoi’s Thang Long Industrial Park, which is home to the facilities of numerous overseas firms.
This service station will differentiate itself from local competitors through proactively adopting and firmly establishing Japanese and Euro-styleoperation expertise based on Idemitsu’s experiences in Japan and KPI’s experiences through Q8 brand in Europe. It also will strive to improve customer service experience through the adoption of the first full POS/card system in Vietnam—a system whose benefits include cashless fueling and enabling management of fuel used by customers’ vehicles.
In the area of environmental measures, it will incorporate the highest environment standards and state-of-the-art technologies, by installing safe andeco-friendly underground tanks. IQ8 will also cooperating proactively in the establishment of legal and regulatory systems related to the prevention of oil leaks, which remain under development in Vietnam.
Starting with this service station, IQ8 will build a sales channel by opening a network of service stations concentrated on northern Vietnam area as a first step. Focus mainly on highways and the concentration of truck-based logistics activities.
The project will contribute to economic development in Vietnam, a market which is expected to see a continued strong growth in demand for petroleum products, through providing the nation with a high quality products, excellent customer service and environmentally friendly service stations.