OREANDA-NEWS. October 14, 2011. Cosmo Oil Co., Ltd.( Headquarter: Minato-ku, Tokyo, Paid-in-Capital: 107.2 billion JPY, President: Yaichi Kimura) and Hyundai Oilbank Co., Ltd. (Hereinafter "HDO", Headquarter: Seoul, Korea, President: Kwon Oh-gap) have agreed and signed a Memorandum of Understanding (Hereinafter "MOU") for the purpose of further strengthening and identifying specific areas of cooperation in the field of Technical and R&D Areas. This MOU is positioned under the main strategic cooperation MOU between the two companies entered into on April 16, 2008.

The summary of the MOU is as set forth below:Date of Agreement Thursday, October 13, 2011
Signed by Keizo Morikawa, Representative Director and Executive Vice President, Cosmo
Moon Jong-bak, Executive Vice President (CFO), HDO
Term of Agreement 2 years from October 13, 2011 (with annual extension)
Current Status and
Scope of Agreement The R&D sections of both companies have already begun initial discussions of cooperation such as possible sharing of catalyst and/or periodic exchange of engineers. Today's MOU is to further clarify our cooperation areas on the occasion of HDO opening their new R&D center in the outskirts of Seoul on November 1, 2011. A technical committee will be set up in order to strengthen and specify the areas for R&D as per below:
Exchange of technical analysis and information
Collaboration in R&D, improvement in operation technique and any other research in relation to energy
Periodic engineer exchange for acquiring each other's technical skills and further strengthening the alliance relationship.