Long-term OCTG supply contract with Equinor renewed; Strengthens strategic partnership through stable supply of OCTG
July 04, 2024 at 08:27 pm IST
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Sumitomo Corporation (Head Office: Chiyoda-ku, Tokyo; Representative Director, President and Chief Executive Officer: Shingo Ueno) has been awarded a long-term supply contract to provide OCTG (Oil Country Tubular Goods) procured from Nippon Steel Corporation (hereinafter 'Nippon Steel') to the Norwegian energy company Equinor ASA (hereinafter 'Equinor') for a maximum period of nine years.
Over the past 35 years, Sumitomo Corporation has procured OCTG from Nippon Steel for use in oil and gas development and CCS (Carbon Capture and Storage) projects that contribute to the reduction of greenhouse gas emissions. In turn, Sumitomo Corporation has supplied OCTG to Equinor. In addition to high-quality OCTG, product development tailored to customer needs and reliable delivery services, Sumitomo Corporation and Nippon Steel's steadfast commitment to low-carbon steel and human rights were important considerations for Equinor when awarding the contract.
As one of the largest energy companies in Europe, Equinor plays a key role in energy security and decarbonization in the region. In addition to its natural gas business, Equinor focuses on decarbonization and renewable energy projects such as CCS, hydrogen, ammonia and offshore wind.
Through the stable supply of OCTG, Sumitomo Corporation and Nippon Steel will further expand its long-term collaboration with Equinor in the energy sector.
About Sumitomo Corporation
Sumitomo Corporation (TYO: 8053) is an integrated trading company with a strong global network comprising 128 offices in 66 countries and regions. The Sumitomo Corporation Group consists of approximately 900 companies and 80,000 employees on a consolidated basis. The Group's business activities are spread across the following nine groups: Steel, Automotive, Transportation & Construction Systems, Diverse Urban Development, Media & Digital, Lifestyle Business, Mineral Resources, Chemicals Solutions and Energy Transformation Business. Sumitomo Corporation is committed to creating greater value for society under the corporate message of 'Enriching lives and the world,' based on Sumitomo's business philosophy passed down for over 400 years. Sumitomo Corporation
Sumitomo Corporation is a diversified group organized around 7 areas of activity:
- retail distribution of consumer goods (24.4% of net sales): food products, apparel and accessories, pharmaceuticals, building materials, household and decorative items, etc. The group is also developing a real estate business;
- trading of hydrocarbon, mining, chemicals and electronics products (24%): oil, natural gas, copper, gold, silver, zinc, lead, nickel, coal, iron ore, resins, pesticides, petrochemical products, etc.;
- trading of steel products and non ferrous metals (20%): flat and long steel products, tubular products, aluminum products, titanium, etc.;
- distribution of transportation and construction systems and equipments (15.1%): spatial equipments, landing fields, forest machines, motorcycles, mining operating vehicles, etc.;
- telecommunications and multimedia products and services supplies (8.8%): TV wiring, data communication solutions, film distribution services, mobile telephony, Internet access and computing services;
- development and implementation of civil engineering infrastructures (7.6%): power plants, wastewater treatment units, industrial plants, telecommunications centers, etc. The group is also providing logistics services;
- other (0.1%).
SUMITOMO CORPORATION 
