ITOCHU Corp. has announced the signing of a MoU with CITIC Resources Holdings Ltd, for collaboration in oil and gas exploration and production.
CITIC Resources is a 59.50% subsidiary of CITIC Ltd, with which ITOCHU formed a strategic business alliance with capital participation in January 2015.
The memorandum of understanding signed outlines 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.
Edited from press release by Angharad Lock
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