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Establishment of a lubricant manufacturing and sales company in Vietnam

August,16,2012
Idemitsu Kosan Co.,Ltd. (Head Office: Chiyoda-ku, Tokyo; President: Kazuhisa Nakano) hereby announces that it established “Idemitsu Lube Vietnam Co.,Ltd.” in Haiphong City, Vietnam on August 13, 2012. Idemitsu Lube Vietnam expects the startup of commercial operations of lubricants manufacturing plant from January 2014.
Vietnam has had continued high economic growth of about 6% annually. Its population was around 90 million in 2010, of which 60% was less than 30 years old. Thus, further expansion of domestic demand is expected. In 2010, the number of motorcycles sold in Vietnam reached 3.8 million. Demand for high-performance lubricants including oil for motorcycles is expected to continue to increase at a constant rate in Vietnam.

The Company established Idemitsu Lube Vietnam with the aim of further improving customer services and constructing Idemitsu’s original manufacturing and sales network.
Idemitsu Lube Vietnam will construct lubricant blending facilities within a plant site of 60,000 m2 and of manufacturing capacity 35,000 kℓ of lubricants per year.

Taking this opportunity, the Company will enhance its sales of lubricants in the domestic market of Vietnam and target a sales volume for lubricants of about 20,000 kℓ per year and an annual turnover of US$35 million (about ¥2.8 billion) by 2015.

The Company is resolved to strengthen and expand its businesses to respond to the needs of its customers by meeting them in advance.

Outline of the New Company

(1)Company Name Idemitsu Lube Vietnam Co.,Ltd.
(2)Location Haiphong City, Vietnam
(3)Date of Establishment August 13, 2012
(4)Capital Stock US$23.3 million (About ¥1,860 million)
(5)Investment Ratio 100% by Idemitsu Kosan
(6)Representative Ryuji Kusaka, General Director
(7)Product Line Engine oil for motorcycles and automobiles, general industrial lubricants and related products
(8)Number of Employees 57 (incl. five seconded employees from Idemitsu Kosan) (at the time of commercial operation)
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