CIECO UK is a subsidiary of ITOCHU, having an unique function described in the chart below. CIECO UK utilizes the strong financial capability of ITOCHU and Japanese governmental funds such as JBIC (Japan Bank for International Cooperation) and JOGMEC (Japan Oil, Gas and Metals National Corporation) for Japan’s energy security.

CIECO UK has a short term strategy to augment its UKCS net production by acquiring assets and companies. The long term strategy is to expand its functioning to create a balanced assets portfolio in the UKCS, Europe, CIS and Africa. An active participation in Central North Sea exploration project also form part of long term growth strategy. CIECO UK is the base office for E&P activities, supporting the Energy Division of ITOCHU to achieve its objective to increase its net production through development of business in Europe, Africa, Middle East and CIS.

CIECO UK believes that obtaining the latest information on E&P business is of prime importance. CIECO UK has a distinct advantage to share first-hand E&P information through ITOCHU’s worldwide presence in over 65 countries as well as the information obtained in London which is the centre for E&P business in the world.

Various Functions Provided By ITOCHU Corporation In Relation To E&P Business

Sampo Yoshi Philosophy

Chubei Itoh, the founder of ITOCHU Corporation, grounded his business in the spirit of Sampo Yoshi, a philosophy embraced by merchants in the feudal province of Ohmi in Japan where he was born. The meaning of Sampo Yoshi is that any transaction should be good for the seller, good for the buyer and good for society as a whole. Sampo Yoshi has been the management philosophy of ITOCHU for more than 150 years and as a matter of course it is also the basic philosophy of CIECO UK.