Idemitsu, a Japanese petroleum company which also produces OLED (Organic Light Emitting Diode) materials, and Korean LG Display announced on June 24 that they have signed a MoU (Memorandum of Understanding), whereby they will collaborate in the development of flat panels based on OLED technology, according to a press release by Idemitsu. Meanwhile, Idemitsu and LG Display also agreed to cross license their proprietary patented technologies. Further details regarding the value of the deal, however, were not yet disclosed. LG Display is set to mass produce OLED panels in 2010, according to Reuters on June 24. Aside from LG Display, Idemitsu already has signed similar agreements with other companies, including Sony and Toshiba Mobile Display.