Companies to engage in a comprehensive strategic cooperation in oil and gas
Abu Dhabi: Japan’s Cosmo Oil Co. Ltd (COSMO) and Spain’s Compañía Española de Petróleos S.A.U. (CEPSA) have today signed a Memorandum of Agreement relating to strategic cooperation in oil and gas, both in the U.A.E. and globally. The companies signed the memorandum at a ceremony held at the headquarters of the International Petroleum Investment Company (IPIC), in Abu Dhabi. IPIC holds 100% of CEPSA and approximately 21% of the shares in COSMO.
Under the memorandum, CEPSA and COSMO will work together to identify and develop mutually beneficial opportunities for securing new concessions, promoting their exploration and production businesses, and exploring synergies and prospects across their refining, marketing, petrochemical, power, and renewable energy units.
“IPIC seeks opportunities to maximize synergies and share expertise across our portfolio,” said His Excellency Khadem Abdulla Al Qubaisi, Managing Director of IPIC. “This Memorandum of Agreement brings together the expertise of two of our investee companies currently operating across diverse geographic regions. With 30 years of experience behind us, and a successful track record of identifying and capitalising on opportunities in the energy industry, we are confident that this cooperation will benefit all parties.”
Keizo Morikawa, President of COSMO, added: “This agreement further strengthens our alliance with IPIC and is the cornerstone of Cosmo’s current medium-term management plan. We look forward to pursuing a wide variety of business opportunities across different hydrocarbon sectors and working more closely with CEPSA. Importantly, we see this as an opportunity to capitalise on the geographical strengths and technical competencies of each company.”
“COSMO is one of the oldest and strongest offshore E&P operators in the Middle East, with a 46-year track record in Abu Dhabi.” said Pedro Miro, CEO of CEPSA. “CEPSA’s strengths are in onshore E&P operations in North Africa and South America. This initiative will provide a strong foundation from which both companies can exploit new oil and gas concessions.”