JPMORGAN, CHEMOIL SIGN MEMORANDUM OF UNDERSTANDING.(Company overview)

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(BW)(NY-JPMORGAN)(JPM) JPMorgan and Chemoil Sign Memorandum of Understanding Energy Editors

SINGAPORE & NEW YORK (BUSINESS WIRE) Oct 31, 2007 - JPMorgan and Chemoil Energy Limited (Chemoil) announced the creation of a strategic alliance relating to the joint development of business opportunities across their global platforms.

The relationship contemplates ways of working together to cross market products to clients, by using JPMorgan's leadership in the international commodities derivatives markets and Chemoil's strength in the marketing of physical energy products.

Representatives of the companies said they were enthusiastic about expanding the ways in which they work together.

Blythe Masters, Global Head of Commodities for JPMorgan, said that this further underscores the commitment that JPMorgan has to the energy trading and marketing business, and is indicative of the growth planned for the business. "I'm very pleased with the potential for our alliance with Chemoil. Both companies can see the mutual advantages that could be derived from sharing our strengths to the benefit of our respective clients. We are pleased to be able to bring full service physical oil capabilities to our vast client base and to be able to provide world class derivatives expertise to the clients of Chemoil."

Bob Chandran, CEO of Chemoil, also expressed satisfaction with the arrangement. "It is clear that there is the potential for cooperation which would be advantageous for both companies as well as our clients. The two companies are highly respected and experienced players and by working together we could create some important business opportunities which would benefit both companies."