Idemitsu works with partner companies in diverse industries in Japan and overseas to further expand business, including the launch of joint ventures and new projects. In Japan, we have established joint ventures in the basic chemicals business, the agri-bio business, and more. One example is a collaboration we entered into with NIPPON GREASE Co., Ltd. that entails working together on R&D, the optimization of our product portfolio, discussions on sales channels and other topics, and the regularly exchange of technologies. Overseas, we have established the joint venture Nghi Son Refinery and Petrochemical Limited Liability Company (NSRP), which operates the refinery in Vietnam. In the advanced materials & performance chemicals business, we have partnered with Formosa Petrochemical Corporation (FPCC) to establish Idemitsu Formosa Specialty Chemicals Corporation, which is slated to begin commercial operations in FY2020 as a new production base for hydrogenated hydrocarbon resin.
Solar Frontier K.K. and The Chiba Bank, Ltd. signed a business-matching agreement in October 2020 that enables Solar Frontier K.K. to connect with customers who have needs of promoting environmental management, and at the same time, increasing profits through renewable energy solutions. By installing a private solar power generation system, a business not only boosts its corporate value through the use of renewable energy, it also reduces electricity costs because it can use the power generated by the solar cells in its own facilities instead of purchasing electricity. Going forward, we will propose total solutions for decarbonization to an even wider range of customers, starting with solar power generation systems that suit each customer's needs.