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Press Release

Investment in Laffan Refinery Company Limited 2

April 22, 2013
Cosmo Oil Co., Ltd.
Public Relations Office

Cosmo Oil Co., Ltd. (President: Keizo Morikawa) and three other Japanese companies, Idemitsu Kosan Co., Ltd. (President: Kazuhisa Nakano), Marubeni Corporation(President: Fumiya Kokubu), and Mitsui & Co., Ltd. (President: Masami Iijima), have reached agreement with Qatar Petroleum, the national oil & gas company of Qatar (hereinafter called "QP"), to invest in a 6% stake in Laffan Refinery Company Limited 2 and have signed joint venture agreement on April 21, 2013. Our equity participation is 2%.

We took a stake in Laffan Refinery Company Limited in 2006 through acquisition of stock. The first refinery (hereinafter called "LR1") was established in Ras Laffan Industrial City with a refining capacity of 146,000 barrels per day, and LR1 started its operation in 2009 and presently continues its stable operation.

Laffan Refinery Company Limited 2 plans to construct a second refinery (hereinafter called "LR2") with the same size as the first, and it aims to complete construction by the second half of 2016. The total cost of the whole project is projected to be approximately USD 1.5 billion.

Like LR1, LR2 plans to produce petroleum products including naphtha, kerosene, diesel oil and LPG by refining condensate produced at Qatar's North Field, which is one of the largest natural gas fields in the world. To be equipped with a diesel hydrotreater, LR2 plans to increase the added value of diesel oil products.

[Outline of Laffan Refinery Company Limited 2]
Incorporation April 2013 (planned)
Location Doha, the State of Qatar
Shareholders (percentage of shares) Qatar Petroleum (84%), Total (10%),
Cosmo (2%), Idemitsu (2%), Marubeni (1%),
Mitsui (1%)

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