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Nippon Mitsubishi Oil Corp. and Koa Oil Co. said Tuesday they have agreed to merge their liquefied petroleum gas-manufacturing subsidiaries on Oct. 1 to cut back on costs and boost their competitiveness.

In the merger of Nippon Petroleum Gas Co., a wholly owned subsidiary of Nippon Mitsubishi, and Koa Petroleum Gas Co., a Koa Oil subsidiary, the surviving entity will be Nippon Petroleum Gas, the two companies said.

Under the agreement, every 100 Koa Petroleum Gas shares will be exchanged for 32 Nippon Petroleum Gas shares, they said.

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