OREANDA-NEWS. ITOCHU Corporation announced today the signing of a memorandum of understanding for collaboration in oil & gas exploration and production business between ITOCHU and CITIC Resources Holdings Limited.

CITIC Resources is a company focusing on natural resources business and is a 59.50% subsidiary of CITIC Limited, with which ITOCHU formed a strategic business alliance with capital participation on January 20, 2015. CITIC Resources has its shares listed on the Hong Kong Stock Exchange.

The memorandum of understanding signed on this occasion prescribes future collaboration in the E&P business including potential joint acquisition of prime E&P assets, and will underpin and form a part of the strategic alliance between the groups.