TOKYO, May 9 (Reuters) - Japanese refiner Cosmo Oil Co and South Korean refiner Hyundai Oilbank have agreed to supply each other with oil products in case their refineries are shut down by emergencies, the Nikkei business daily reported on Thursday.
The deal marked the first time that a Japanese oil firm would secure a stable supply deal with a foreign firm in case of natural disasters or other problems, said the report, which cited unidentified company sources.
Under the two-year deal, Cosmo Oil could ship crude and semi-product to Hyundai's plant to refine for Cosmo if it had problems with its plants, such as the year-long shutdown of its main 220,000 barrels per day Chiba refinery in 2011 due to extensive fire damage to LPG tanks after a magnitude 9.0 quake.
In 2008, the two firms agreed to work together to sell more gasoline and diesel overseas, and to consider possible cooperation in refining and the supply and trading of oil and petrochemical products.
The two firms have also teamed up in building a benzene, toluene and paraxylene (BTX) production plant in South Korea.
(Reporting by Osamu Tsukimori; Editing by Paul Tait) Keywords: JAPAN COSMOOIL/HYUNDAIOILBANK
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