The Petrolimex Equipment JSC (PECO – Share code PEQ) signed a comprehensive technical co-operation with Japanese partners – Tatsuno Corporation and Nomura Trading Co., Ltd. in Hanoi on August 8, 2017. PECO Director Hoang Van Canh, Tatsuno Chairman Hiromichi Tatsuno, and President of the Nomura Trading Co., Ltd. Katsushige Miyashita directly signed the Contract.

Petrolimex Director General Tran Van Thinh and the Group leaders attend the signing ceremony

Attending and witnessing the Signing Ceremony include Director General of the Vietnam National Petroleum Group (Petrolimex) Tran Van Thinh; Petrolimex Deputy Director General Nguyen Quang Dung; PECO Board of Management Chairman Do Huu Tao and heads of certain divisions/departments of Petrolimex.

Results of the signing ceremony are based on negotiations which lasted nearly one year among the parties with an aim to reach new progress in comprehensive co-operation in manufacturing fuel dispensers labelled Tatsuno and PECO, and developing other localised products in Vietnam. Through the event, the parties continue asserting that PECO is the sold manufacturer and supplier of Tatsuno’s high-quality fuel dispensers in Vietnam.

Whole view of the Signing Ceremony of the Technical Co-operation & Technology Transfer Contract PE/TATSN/NMR-DP/2017

PECO Board of Management member and director, Hoang Van Canh; Tatsuno Chairman Hiromichi Tatsuno and President of Nomura Trading Co., Ltd. Katsushige Miyashita represent three companies signing the Contract

The traditional partnership between PECO and Japanese partners were established in late 1990s on the basis of the Technical Co-operation & Technology Transfer Contract, which initiated the construction of a plant to manufacture and assemble fuel dispensers in Vietnam belonging to the then Vietnam Petroleum Corporation (now the Vietnam National Petroleum Group - Petrolimex).

PECO Chairman Do Huu Tao delivers a report on co-operation results among the three parties over the past five years (2012-2017)

In the 2012-2017 period, PECO made remarkable progresses in production and business activities, especially in the manufacturing and assembling of high-quality fuel dispensers for domestic and foreign markets. New generations of fuel dispensers series such as Tatsuno Sunny XE with multiple hoses (four hoses, six hoses), steam recovery fuel dispensers, fuel dispensers with printer used by Petrolimex and other Vietnam’s leading petroleum companies for their retail networks. The sale of fuel dispensers sharply increased (over 1,200 in 2016, equal to the sale of Tatsuno fuel dispensers in Thailand) with 40% of fuel dispensers being sold for non-Petrolimex users. Of note, the company has supplied the products to Petro Laos, Petrolimex Laos and plans to expand market to Cambodia and Myanmar.

Japanese counterparts appreciate achievements gained in manufacturing and installing fuel dispensers over the past five years (2012-2017)

This comprehensive co-operation contract affirms the maturity of PECO as a leading expert in manufacturing and assembling high-quality fuel dispensers in Vietnam. The partners are completely trust PECO for its technical and technological development, qualification of engineers, and quality of products (PECO, Tatsuno) which are fully controlled in accordance with Japanese standards once finished. In the time to come, PECO will continue developing and localising Tatsuno’s latest products including fuel dispensers with four hoses, fuel dispensers with six hoses, hi-tech fuel dispensers, fuel dispensers with printer, among others in Vietnam.

Addressing the Ceremony, Petrolimex Director General Tran Van Thinh highly applauded the partnership among Tatsuno, PECO and Nomura Trading Co. Ltd. He said he expected Japanese partners to continue assisting and supplying new products, new technologies, most environmentally friendly, for Vietnam to gradually modernise Petrolimex’s retail system. Leaders from both Japanese companies said they expressed with results PECO achieved over the past five years with increased quantity of fuel dispensers on sale, which reached over 1,200 fuel dispensers (equal to 2,000 hoses) in the fiscal year of 2016.