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Press Release

MOU with ADNOC and IFAD

January 15, 2021
Cosmo Oil Co., Ltd.

Cosmo Oil Co., Ltd. (Representative Director & CEO: Shunichi Tanaka) concluded Memorandum of Understanding with Abu Dhabi National Oil Company (ADNOC) and ICE Futures Abu Dhabi Ltd (IFAD) on 14th January to explore the potential opportunity to price crude oil with reference to the new ICE Murban Crude Oil Futures. Considering the long and deep relationship between ADNOC and Cosmo Energy Group(Cosmo), Hiroshi Kiriyama, Representative Director, Group CEO,Cosmo Energy Holdings attended the online ceremony and signed the MOU.

IFAD will be home to the world’s first futures contracts based on Murban crude in Abu Dhabi, UAE. This leads to enhancing the transparency of crude oil price from Abu Dhabi and it is expected to become a new price benchmark in the crude oil markets.

Abu Dhabi is one of the main crude supply source. We recognize that reliability, stability and liquidity of ICE Murban Crude Oil Futures are very important for our stable crude oil procurement.

Cosmo will support IFAD and will strengthen our reliable relationship with Abu Dhabi government including ADNOC further.

Organization Chart
Hiroshi Kiriyama signed the MOU.

(The official language for Cosmo Energy Group's filings with the Tokyo Stock Exchange and Japanese authorities, and for communications with our shareholders, is Japanese. We have posted English versions of some of this information on this website. While these English versions have been prepared in good faith, Cosmo Energy Group does not accept responsibility for the accuracy of the translations, and reference should be made to the original Japanese language materials.)

(Contact details for inquiries)
Public Relations & Corporate Branding Group, Corporate Communication Dept., Cosmo Energy Holdings Co., Ltd.
TEL +81-3-3798-3101 FAX +81-3-3798-3841

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