Japanese oil refiner Cosmo Oil and Spanish integrated oil company Compañía Española de Petróleos (CEPSA) have entered into a memorandum of agreement to work together on oil and gas development.
The agreement is aimed at obtaining new oil and gas concessions and reinforcing and promoting exploration and production (E&P) business. The companies will create E&P and strategy working groups.
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The E&P working group comprises the development of new E&P business opportunities, and experience and know-how exchange. Tthe strategy working group will focus on joint business development in oil-related businesses, such as petrochemicals, oil refining and marketing.
Cosmo and CEPSA’s relationship is set to deepen cooperation with Abu-Dhabi-based investment vehicle International Petroleum Investment (IPIC), which owns all of CEPSA and is the biggest shareholder in Cosmo, owning a 20.8% stake.
Both companies are determined to pursue discussions on the development of business opportunities in every field and to seek opportunities to obtain new oil and gas concessions and/or expand their E&P business.
Cosmo aims to become a vertically integrated global energy company with a business portfolio including E&P business, refining and marketing and petrochemical business among others.
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By GlobalDataImage: Cosmo representative director and president Keizo Morikawa and CEPSA director and chief executive officer Pedro Miró Roig signing the MOA. Photo: courtesy of COSMO OIL Co. ,Ltd.
