June 18, 2014 |
Cosmo Oil Co., Ltd. TonenGeneral Sekiyu K.K. |
Cosmo Oil Co., Ltd. (Representative Director and President: Keizo Morikawa) and TonenGeneral Sekiyu K.K. (Representative Director and President: Jun Mutoh) have been examining the joint business of their Chiba refineries (Chiba refinery of Cosmo Oil: Processing capacity of 240,000 BPD, Chiba refinery of Kyokuto Petroleum Industries in the TonenGeneral Group: Processing capacity of 152,000 BPD; hereinafter, the "both refineries") in Chiba district (as already announced).
We hereby announce that the both companies have confirmed the specific matters to be continuously examined in the future and concluded a memorandum as below, based on the examinations up to now toward realization of the joint business.
Background | The both companies have agreed on the recognition that they "aim for a top-ranked refinery with global competitiveness" by integrating the both refineries. Accordingly, they continue discussions based on the memorandum toward realization of the joint business and are headed to conclude a basic agreement within this year. | |
Conclusion date | June 18, 2014 | |
Principal points |
Major specific matters to be examined continuously in the future
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