CITIC Resources, ITOCHU Sign MOU to Collaborate on E&P Projects

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.



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