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Press Release

Announcement of MOU with Hyundai Oilbank Co., Ltd.
in Relation to Strategic Cooperation in Technical and R&D Areas

October 14, 2011
Cosmo Oil Co., Ltd.
Corporate Communication Dept.
Public Relations Office

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:
  1. Exchange of technical analysis and information
  2. Collaboration in R&D, improvement in operation technique and any other research in relation to energy
  3. Periodic engineer exchange for acquiring each other's technical skills and further strengthening the alliance relationship
写真
Keizo Morikawa, Representative Director and Executive Vice President, Cosmo (left)
Moon Jong-bak, Executive Vice President (CFO), HDO(right)
写真
Signing ceremony

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