Cosmo Oil Company, Limited (COSMO) and Compania Espanola de Petroleos S.A.U. (CEPSA) have signed a Memorandum of Agreement relating to strategic cooperation in oil and gas, both in the U.A.E. and globally. IPIC holds 100% of CEPSA and approximately 21% of the shares in COSMO. Under the memorandum, CEPSA and COSMO will work together to identify and develop mutually beneficial opportunities for securing new concessions, promoting their exploration and production businesses, and exploring synergies and prospects across their refining, marketing, petrochemical, power, and renewable energy units.