UAE's IPIC to purchase 20% of Cosmo Oil

Sept. 20, 2007
The UAE's state-owned International Petroleum Investment Co. will purchase a 20% share in Japanese refiner Cosmo Oil Co. for $775 million.

Eric Watkins
Senior Correspondent

LOS ANGELES, Sept. 20 -- The UAE's state-owned International Petroleum Investment Co. will purchase a 20% share in Japanese refiner Cosmo Oil Co. for $775 million.

The Japanese company said that under the ¥89.2 billion deal, IPIC will purchase 176 million newly issued shares in Cosmo. Cosmo said the two firms will:

-- Establish strong partnerships with oil-producing countries, to strengthen oil supply stability.

-- Strengthen the financial ground for strategic growth.

-- Upgrade and increase the added value of refineries, including petrochemical facilities; enhance competitiveness and profitability in oil exploration and production and start-up businesses through the execution of joint projects.

Contact Eric Watkins at [email protected].