ITOCHU : Announces Signing of Memorandum of Understanding Towards Collaboration in Oil & Gas Exploration and Production Industry with CITIC Resources Holdings Limited
June 21, 2016 at 10:25 pm EDT
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ITOCHU Corporation (headquartered in Minato-ku, Tokyo; Masahiro Okafuji, President & CEO; hereinafter 'ITOCHU') 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 (headquartered in Hong Kong; Kwok Peter Viem, Chairman; hereinafter 'CITIC Resources').
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.
Company name
CITIC Resources Holdings Limited
Head office
Hong Kong
Representative
Kwok Peter Viem (Chairman)
Main business
Exploration, development and production of oil and coal, the import and export of bulk commodities, and investments in aluminium smelting and manganese.
Shareholders
CITIC Limited 59.50%, Temasek Holdings (Private) Limited 11.48%, Public 29.02%
Established
1997
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Itochu Corporation published this content on 22 June 2016 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 22 June 2016 02:25:02 UTC.
Original documenthttp://www.itochu.co.jp/en/news/2016/160622.html
Public permalinkhttp://www.publicnow.com/view/06E355EDB9AB500BFBDC0B1D423B15A24A21DA42
Itochu Corporation is a diversified group organized around 8 areas of activity:
- distribution of food products (34.9% of net sales): frozen food, vegetable oil, sweeteners, sugars, etc.;
- distribution of hydrocarbons (23.3%): hydrocarbons (natural gas, oil products, bioethanol, etc.). The group also develops manufacturing of chemical products activity;
- manufacturing and sale of industrial and construction machines, vehicles and ships (9.7%);
- production of metals and coal (8.5%);
- sale of consumer products (8.4%). The group also develops forest products sale and real estate development activities;
- distribution of computing and telecommunication equipments (7%): data transmission, Internet access, media content broadcasting and mobile telephony equipments. The group also offers financial services;
- sale of textile products (3.6%);
- other (4.6%).
Net sales are distributed geographically as follows: Japan (79.5%), Singapore (5.4%), the United States (4.5%), Australia (3.1%), China (2.8%) and other (4.7%).
ITOCHU : Announces Signing of Memorandum of Understanding Towards Collaboration in Oil & Gas Exploration and Production Industry with CITIC Resources Holdings Limited
ITOCHU CORPORATION 
