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:
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Keizo Morikawa, Representative Director and Executive Vice President, Cosmo (left)
Moon Jong-bak, Executive Vice President (CFO), HDO(right)
Moon Jong-bak, Executive Vice President (CFO), HDO(right)
Signing ceremony
