ITOCHU Corporation ("ITOCHU") has concluded a memorandum of understanding (MOU) with Qatar Petroleum International Limited ("QPI"), a wholly owned subsidiary of Qatar Petroleum ("QP"), to seek joint investment opportunities in a number of projects particularly in exploration and production of oil and gas, research and development of new energy resources, and petrochemical projects.
The MOU was signed on behalf of QPI by H.E. Abdullah Bin Hamad Al-Attiyah, Deputy Premier and Minister of Energy and Industry, and Eizo Kobayashi, President and CEO of ITOCHU.
Both parties confirmed that the MOU was entered into not only to strengthen the business relationship between the two companies but also to reinforce mutual cooperation between the state of Qatar and Japan.
Since 1997 ITOCHU and the state of Qatar have maintained a favorable long-term relationship through equity participation by ITOCHU in Ras Laffan LNG Company Ltd, in which QP is a major shareholder.
While the state of Qatar is a resource-rich country, QPI is pursuing investments in business ventures overseas relating to a wide range of sectors including energy and utilities, and has agreed to align for the joint investment opportunities with ITOCHU, which has set energy resources development as one of the key segments.
With this joint collaboration arrangement with QPI, ITOCHU strives to meet the challenge of globalizing energy related and utility business as well as taking on new functions in a broad spectrum of business areas.
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