Korea’s state-run oil company Korea National Oil Corp (KNOC) said that it has agreed to cooperate in overseas oil exploration, production and trading with oil refiner Sinopec Group.

KNOC said that it has signed a memorandum of understanding (MOU) with Sinopec Group’s two affiliates on cooperation in crude oil storage, trade and marketing, according to Yonhap News.

Earlier this year, Sinopec bought Swiss oil explorer Addax Petroleum Corp for $7.24bn in China’s biggest overseas acquisition following a bidding war with the KNOC.