January 31, 2022
Others
Notice regarding change of trade name and representative of equity method affiliate
Idemitsu Kosan Co.,Ltd. (hereinafter the "Company") hereby announces that a resolution was passed at the general shareholders' meeting of its equity method affiliates, Idemitsu Snorre Oil Development Co., Ltd. (hereinafter the "Idemitsu Snorre") and Idemitsu Petroleum Norge AS (a wholly owned subsidiary of Idemitsu Snorre), to change the trade names and officers as follows.
1. Overview of equity method affiliates
| Change before | After change | |
|---|---|---|
| Name | Idemitsu Snorre Oil Development Co., Ltd. | INPEX CORPORATION |
| Location | 2-1, Otemachi 1-chome, Chiyoda-ku, Tokyo | 5-3-1 Akasaka, Minato-ku, Tokyo |
| Representative's name | Jun Miki | Yuzo Sengoku |
| Business Description | Exploration, development, production, and sale of petroleum and natural gas through a subsidiary in Norway | |
| Change before | After change | |
|---|---|---|
| Name | Idemitsu Petroleum Norge AS | INPEX Idemitsu Norge AS |
| Business Description | Exploration, development, production and sales of oil and natural gas as a Norwegian subsidiary. | |
2. Reason for change
As announced on October 27, 2021, we have signed a share transfer agreement to transfer 1% of our Idemitsu Snorre shares (50.5%) to INPEX CORPORATION (hereinafter referred to as "INPEX") and, at the same time, to transfer all of Osaka Gas Summit Resources Co., Ltd.'s held Idemitsu Snorre shares (49.5%) to INPEX. With the completion of the share transfer, including the satisfaction of the conditions for completion of the share transfer, such as Norwegian government approval, we have decided to change the trade name and officers of Idemitsu Snorre, an equity method affiliate of our company, as described above. We will continue to hold 49.5% of the shares and aim to further grow and develop the business in Norway with INPEX as our business partner.
3. Date of change
January 31, 2022
Regarding news release
contact information
Idemitsu Kosan Co.,Ltd. Public Relations Department, Public Relations Division