Freshfields Bruckhaus Deringer has advised Compañía Española de Petróleos, SAU (CEPSA) on its entry into a joint venture to operate in the United Arab Emirates with Cosmo Oil Co. Limited (Cosmo Oil).

Wholly-owned CEPSA subsidiary CEPSA International BV is taking a 20% stake in Cosmo Abu Dhabi Energy Exploration & Production Co., Ltd., which holds a majority interest in Cosmo Oil subsidiary Abu Dhabi Oil Company, for approximately US$217m.

The joint venture will focus primarily on the development of oil and gas assets in the United Arab Emirates.

Tokyo corporate partner Junzaburo Kiuchi, who led the Freshfields team that advised on the transaction, said that the joint venture was highly beneficial for both parties.

Junzaburo commented: ‘This transaction plays a vital role in solidifying the upstream strategic relationship between CEPSA and Cosmo Oil. The strategic interests of both companies are broadly complementary and this joint venture reflects that reality. We congratulate our clients on completing the transaction and wish them every success in this new chapter.’

The Freshfields team was led by Tokyo partner Junzaburo Kiuchi and Abu Dhabi partner Jonathan Rees.