Osaka Gas, Sojitz to Set Up Natural Gas Supplier in Vietnam

Economy

Osaka, June 24 (Jiji Press)--Osaka Gas Co. <9532> said Monday that it will establish a new company in Vietnam jointly with Sojitz Corp. <2768> to supply natural gas in the Southeast Asian country.

The new company, Sojitz Osaka Gas Energy Co., will be established in August in the southern Vietnamese province of Ba Ria-Vung Tau.

The two Japanese firms aim to expand operations in Vietnam, where demand for energy is increasing on the back of the country's economic development.

The companies also aim to help promote Vietnam's shift to clean energy away from heavy oil.

The new company will be owned 26 pct by Sojitz, a Japanese trading house, 25 pct by its Sojitz Vietnam Co. unit, and 49 pct by Osaka Gas Singapore Pte. Ltd., a unit of the Japanese gas supplier. The companies did not reveal the amount of their investment.

[Copyright The Jiji Press, Ltd.]

Jiji Press