OREANDA-NEWS. Cosmo Oil Co., Ltd. and Compania Espanola de Petroleos, S.A.U. (CEPSA), Spanish integrated oil company, as members of the International Petroleum Investment Company Group, today have agreed and signed a Memorandum of Agreement in relation to Strategic Comprehensive Cooperation in Oil Related Business to establish a strategic comprehensive cooperation relationship for identifying and developing mutually beneficial opportunities concerning global oil related businesses, and, among others, for obtaining new oil and gas concessions and reinforcing and promoting their exploration and production (hereinafter "E&P") business.

The Comprehensive Cooperation is a step for "Further strengthening alliances with IPIC" which is one of the basic policies of the 5th Consolidated Medium-Term Management Plan of COSMO and it is expected to be a new cornerstone for COSMO's overseas strategy. COSMO and CEPSA (hereinafter "Parties") are determined to pursue discussions on the development of business opportunities in every field for enhancing its corporate values.