Cosmo Oil

President & Representative Yaichi Kimura

HDO

President & CEO Young Tae Seo

As we shared the view that the rapid increase of the petroleum demand in Asia Pacific region will boost the globalization of the petroleum industries in the region, we shall set up each of the following committees to pursue the discussion of the opportunities for the cooperation in order to create the opportunities for the mutual development by optimizing the utilization of both parties' upgrading projects of the refineries in the future through the petroleum exchange and co-marketing;

1. Supply and Trading Committee
   Optimization for the utilization of the both parties' refinery by exchange of the petroleum products / semi-products, petrochemical products, and other relevant activities
   Co-Marketing in Asia Pacific Region, such as China, as well as other areas where opportunities are identified
2. Refining Committee
   Technical co-operation and Operator training, taking the upgrade projects for both parties' (COSMO; Heavy fuel Cracking, such as COKER / HDO; Heavy fuel Cracking , such as RFCC and ARHDS, BTX Plant) into consideration.
   Information Exchange to improve the efficiency of the operation for the Refinery and to reduce the cost of the refinery.
3. General Committee
   Exchange Information of the retail marketing and other synergic areas

1. This MOU is one of the steps for the Joint Business opportunities between International Petroleum Investment Company (IPIC) and COSMO, which had announced dated September 18, 2007 that COSMO shall work together with the companies has close relationship with IPIC.
2. This MOU is non-exclusive and Parties do not expect that this MOU will cause any negative effects to any of the other business partners of the parties, which either of the parties has already established. Both parties may continue to explore new opportunities either solely or jointly.