Sumitomo Corporation - Renewed long-term oil well tubing supply contract with Equinor
July 03, 2024 at 06:14 pm IST
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Sumitomo Corporation (Head Office: Chiyoda-ku, Tokyo; Representative Director, President and Chief Executive Officer: Ueno Shingo) has renewed a long-term supply contract for the sale of oil country tubular goods procured from Nippon Steel Corporation (hereinafter, 'Nippon Steel') to the Norwegian energy company Equinor ASA (hereinafter, 'Equinor') for up to nine years.
For over 35 years, Sumitomo Corporation has procured OCTG from Nippon Steel for use in oil and gas development and CCS (1) projects that contribute to reducing greenhouse gas emissions, and has supplied them to Equinor. This latest contract renewal was made possible due to the recognition of the stable supply of high-performance OCTG provided by Sumitomo Corporation and Nippon Steel, product development tailored to customer needs, reliable just-in-time delivery services, and steady efforts to reduce carbon emissions and protect human rights in the supply chain.
Equinor is one of the largest energy companies in Europe, playing an important role in Europe's stable energy supply and decarbonization. In addition to the natural gas business, the company is focusing on decarbonization businesses such as CCS, hydrogen and ammonia, and wind power generation.
Sumitomo Corporation and Nippon Steel will further expand their strategic partnership with Equinor through the stable supply of OCTG.
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 
