The companies, which have cooperated in other businesses for the past five years, signed a memorandum of understanding Jan. 23 to extend the partnership to lubes. It calls for them to share lubricant technology and establish a framework for cooperating in lubricant manufacturing, supplying and selling.
The alliance also reflects both companies’ interest in reaching an agreement to manufacture and supply lubricants and coolants on behalf of the other company, under the Cepsa or Cosmo trademark, Cepsa stated in a press release.
Cosmo said it wants to cooperate in order to help it expand into Europe. Cosmo is one of the larger lubricant suppliers in Japan and has expanded into overseas markets, primarily North America and Southeast Asia.
Cepsa, which is headquartered in Madrid, sells lubricants in more than 80 countries. Both companies said their cooperation should make it easier for them to enter new markets.
The companies first aligned in 2014, cooperating in the areas of crude oil exploration and production.