Nippon Oil, Cosmo Oil tie up on fuel cell

Nippon Oil Corp. and Cosmo Oil Co. have struck an alliance in the fuel cell sector, on top of existing cooperation in distribution, refining and lubricants, the two Japanese refiners said on April 10. Under the agreement, which is valid for one year with provision for automatic renewal, the two firms will work together on the marketing and development of fuel cells. The two firms are currently undergoing a feasibility study and aim to start selling fuel cells to the general public from 2009, a Nippon Oil spokesman said. After five years of business partnership, Nippon Oil and Cosmo Oil in 2005 entered into a cross shareholding, under which Nippon Oil bought a 1.3% stake in Cosmo Oil, while Cosmo purchased a 0.3% stake in Nippon. (April 10, 2007)