CITIC Resources Holdings Ltd., a Hong Kong-headquartered natural resources and commodities provider, and Japan's ITOCHU Corp. signed a non-binding memorandum of understanding (MOU) to collaborate on upstream oil and gas exploration and production projects.
The MOU outlines "future collaboration in the potential joint acquisition of prime exploration and production assets, and will underpin and form a part of the strategic alliance between the groups," ITOCHU said in a press release Wednesday.
ITOCHU, a major Japanese trading house, has a strategic business alliance with China's largest conglomerate CITIC Ltd. -- which holds 59.5 percent of CITIC Resources -- forged with its capital participation on Jan. 20, 2015.
Have a news tip? Share it with Rigzone!
WHAT DO YOU THINK?
Click on the button below to add a comment.
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
More from this Author
Most Popular Articles
From the Career Center
Jobs that may interest you