Nippon and SK enter historic oil partnership

SK Corp., South Korea’s largest oil refiner, said yesterday that it had forged a strategic partnership with Nippon Oil Corp., Japan’s No. 1 oil refiner, in the first alliance between top oil firms from different nations.
SK and Nippon, in the simultaneous announcement of the partnership, said the strategic tie means cooperation in five key business areas ― exploration and production, supply and trading, overseas operations, petrochemicals and lubricants. The bond will stretch over the next decade, to last until late March 2017, with provisions of automatic renewal for each year afterwards.
JoogAng Daily