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The Exxon Mobil Corporation, the world`s largest oil company has reached an agreement to conduct research with Pohang University of Science and Technology (POSTECH). POSTECH’s president Baik Sung-gi announced on Sunday that he visited the research institute of the Exxon Mobil Corporation in New Jersey on February 27 and that Exxon Mobil and POSTECH reached a comprehensive agreement on carrying out fundamental researches in the fields of petroleum, petrochemistry and energy.

To this end, POSTECH will be receiving financial support from Exxon Mobil for the next 10 years to conduct joint research and development projects. Some of the areas that they will jointly conduct researches include steel, nonferrous metals, ceramics and energy.

POSTECH is the first Asian university to sign a deal with Exxon Mobile as ‘Global Research Partner’. It is unprecedented for the Exxon Mobile Corporation to decide to conduct joint researches with university. The latest agreement was reached as POSTECH is the only university in Korea with Pohang Light Source (PLS) and has the only Graduate Institute of Ferrous Technology (GIFT) in the world. Exxon Mobile decided that POSTECH has enough research and development infrastructure such as the Pohang Institute of Industry Advancement and National Center for Nanomaterials Technology (NCNT).

POSTECH and Exxon Mobile will soon commence their joint search and development in the fields of steel and energy.