With a history of nearly 100 years, Idemitsu has not only become a leader in the oil and petrochemical industries and a household name in Japan, but has also continuously expanded its business globally.
Idemitsu Group's initial investment in Malaysia goes way back to 1972 when its first joint-venture project for Polystyrene Resin production started in Johor Bahru. Since the 1970s, Idemitsu has also established a close relationship with the Malaysian oil industry through technology transfer and with the purchase of Malaysian crude oil and LPG.
Over a period of more than 3 decades, the originally stand-alone Polystyrene business (Petrochemicals (M) Sdn. Bhd. with a current capacity of 140,000 mt/year) has finally gained more upstream integration with Idemitsu's styrene monomer production operations (Idemitsu Styrene Monomer (M) Sdn. Bhd. with a capacity of 240,000 mt/year).
Idemitsu also has a 12.5% equity holding in Ethylene Malaysia Sdn. Bhd. (with Petronas and BP) which supplies Ethylene to Idemitsu's main petrochemical industry based in Pasir Gudang, Johor for SM production. With this Styrene supply chain built in Malaysia, Idemitsu is now exporting more than 70% of its Polystyrene directly or indirectly to the international market and the Group's Styrene business in Malaysia exceeded RM1.7 billion in 2007.
Besides petrochemical products for the industrial market, Idemitsu has also established a Lubricant Oil marketing subsidiary (Idemitsu Lube (Malaysia) Sdn. Bhd) in Malaysia to supply Idemitsu's world-renowned lubricants to both industry and consumer markets.
The Group's 274-acre land in Pasir Gudang with its own exclusive chemical jetty will be the developed further.
Indeed, Malaysia is Idemitsu's home-away-from-home, both for the company as well as our Japanese personnel.