ITOCHU Announces Signing of Memorandum of Understanding Towards Collaboration in Oil & Gas Exploration and Production Industry with CITIC Resources Holdings Limited
June 22, 2016
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 |