Spanish oil company Cespa and Japan’s Cosmo Oil signed a Memorandum of Agreement yesterday at the headquarters of the International Petroleum Investment Company (IPIC ), in Abu Dhabi. The agreement will promote closer strategic cooperation in the oil & gas industry, both in the U.A.E. and internationally.
The agreement will focus on identifying and cultivating opportunities to gain new concessions, promoting their exploration and production businesses and exploring prospects across their refining, marketing and petrochemical units.
IPIC owns 100% of CEPSA and approximately 21% of the shares in COSMO.
“IPIC seeks opportunities to maximize synergies and share expertise across our portfolio. This Memorandum of Agreement brings together the expertise of two of our investee companies currently operating across diverse geographic regions,” said His Excellency Khadem Abdulla Al Qubaisi, Managing Director of IPIC .
Pedro Miro, chief executive officer of Cespa, was delighted with the announcement, saying that it would be a mutually bebneficial arrangement for the two companies.
“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. Cespa’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.”
