Abu Dhabi’s IPIC acquires 20 percent stake in Japanese refinery

November 14th, 2007 - 2:10 am ICT by admin  
Japan is a major oil export market for Abu Dhabi as it absorbs some 40% of United Arab Emirates exports. Cosmo has four refineries in Japan representing about 13% of Japan’s total refining capacity.

Announcing the deal, Cosmo said that its corporate strategy would not change and that the company would continue to maintain strong relations will oil producing countries.

“This strategic partnership and the allotment of new shares will bring the company further opportunities to enhance the strong relationship with the UAE and to establish the long-term stable supply system for oil,” a Cosmo announcement said.

Following the big cash injection, Cosmo Oil is expected to increase its competitiveness through targeted strategic investments. It should be noted that Cosmo refines about 635,000 barrels of oil a day and has a big service station network with more than 4,400 stations, accounting for 11% of the market share. (ANI)

Related Stories

Tags: , , , , , , , , , , , , , , , , , ,

Posted in Business |