TOKYO, June 5 Japan's Idemitsu Kosan Co
said it would proceed with a $9 billion oil refinery project in
Vietnam as it had reached a final investment decision with
co-investors Mitsui Chemicals Inc, Kuwait Petroleum
International and PetroVietnam.
Idemitsu, Japan's third-largest refiner, said construction
of the 200,000 barrels per day (bpd) Nghi Son refinery and
chemical complex would start next month.
Most of the scheme would be paid for via project financing
agreements of up to $5 billion, involving $2.3 billion in loans
from the Japan Bank for International Cooperation (JBIC) and the
Export-Import Bank of Korea (KEXIM) and loans totalling $2.7
billion from commercial banks, Idemitsu said
The remaining $4 billion would be directly financed by
Idemitsu and its co-investors. Of this amount, Idemitsu would
invest $1.4 billion, the company said in a statement.
Idemitsu had said in January a final investment decision on
the project, with commercial operations of the complex planned
in the second quarter of 2017, was expected by June.
(Reporting by Risa Maeda; Editing by Shinichi Saoshiro and