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The Cosmo Oil Group is working to secure stable supplies of high-quality crude oil by strengthening ties with oil-producing countries and by raising the proportion of equity oil produced. In March 2006, Qatar Petroleum Development Co., Ltd. began crude oil production in Area Block 1, in which we hold an interest, off the southeast coast of Qatar. Reflecting our commitment to environment-friendly operations, all associated gas from extracted oil is injected underground by sour gas injection, a pressurized injection method, rather than being flared into the environment.
In November 2006, Cosmo Oil acquired a 10% equity interest in Laffan Refinery Co., Ltd. from Qatar Petroleum, the national petroleum company of Qatar. Laffan Refinery is constructing a condensate refinery with a refining capacity of 146,000 barrels per day in Ras Laffan Industrial City, aiming for completion of construction in the second half of 2008. Through this equity participation, we will strengthen our amicable ties and partnership with Qatar established through our long-term and stable crude oil transactions and our involvement in exploration and production businesses in that country. In this manner, the entire Cosmo Oil Group is working in unison to ensure energy security for the future.

To reduce the environmental impact of gasoline, from 2000 Cosmo Oil has been promoting such measures as using low-benzene gasoline, reducing gasoline vapor pressure, and cutting the sulfur content of gasoline (supplying sulfur-free gasoline).

Low-Benzene Gasoline Recognizing that benzene is a toxic substance that can harm the human body, since January 2000 Cosmo Oil has reduced the benzene content of its gasoline from 5% to below 1%.

Reducing Vapor Pressure Determined to reduce evaporative emissions, a cause of photochemical smog, since 2001 we have reduced gasoline vapor pressure of gasoline produced in summer from less than 78 kPa to less than 72 kPa. From 2005, we have been producing gasoline with a vapor pressure of less than 65 kPa.

Reducing Sulfur Content of Gasoline (Sulfur-Free Gasoline) Reducing the sulfur content of gasoline provides the dual benefits of cutting air pollutants while maximizing performance of automobile exhaust purifying systems. The Cosmo Oil Group has been supplying sulfur-free gasoline (with a sulfur content of less than 10 ppm) since 2005.

In response to changing restrictions on exhaust emissions, the oil industry has utilized leading-edge technologies to reduce the sulfur content in diesel fuel oil. Cosmo Oil began supplying diesel fuel oil with a sulfur content of 50 ppm in April 2003 and sulfur-free diesel fuel oil (with a sulfur content of less than 10 ppm) in January 2005. Combining the use of sulfur-free diesel fuel oil with environmentally friendly vehicles not only yields reductions in NOx (nitrogen oxides) and PM (particulate matter) emissions, but can also help improve fuel efficiency. Accordingly, reducing sulfur content in this manner is expected to be an effective means of cutting CO2 emissions and contributing to the prevention of global warming.

Diesel Oil Desulfurization Catalyst Through participation in a development project by the New Energy and Industrial Technology Development Organization (NEDO) and Japan Petroleum Energy Center (JPEC), Cosmo Oil has independently developed a highly active desulfurization catalyst (C-606A). Beginning in 2004, Cosmo Oil has been successively introducing this catalyst in diesel fuel oil desulfurization units at all its refineries. This technology has garnered numerous awards, including the Fiscal 2006 Industry-University-Government Cooperation Meritorious Service Commendation, Minister of the Ministry of Economy, Trade and Industry Prize.

Sakai Refinery