Sumitomo Extends OCTG Supply Deal with Equinor

Sumitomo Corporation has solidified a long-term agreement to deliver Oil Country Tubular Goods (OCTG) manufactured by Nippon Steel Corporation to Equinor ASA, a leading Norwegian energy company. This contract extends for a period of up to nine years.

For the past 35 years, Sumitomo Corporation has been procuring OCTG from Nippon Steel for applications in oil and gas development as well as Carbon Capture and Storage (CCS) projects aimed at reducing greenhouse gas emissions. This collaboration has enabled Sumitomo Corporation to supply OCTG to Equinor, with the contract award reflecting the high quality of OCTG, tailored product development, reliable delivery services, and a shared commitment to low-carbon steel and human rights.

As a leading European energy company, Equinor plays a crucial role in securing regional energy supply and driving decarbonization initiatives. Beyond its extensive natural gas operations, Equinor is actively engaged in cutting-edge projects such as Carbon Capture and Storage (CCS), hydrogen production, ammonia utilization, and the development of offshore wind energy. These efforts highlight Equinor's commitment to a sustainable and diversified energy future.

By ensuring a stable supply of high-quality Oil Country Tubular Goods (OCTG), Sumitomo Corporation and Nippon Steel are set to strengthen their long-term partnership with Equinor. This collaboration underscores their joint dedication to advancing energy security and supporting innovative decarbonization projects in the energy sector.

The partnership between Sumitomo Corporation, Nippon Steel, and Equinor exemplifies strategic alignment in the global energy landscape. Sumitomo and Nippon Steel's commitment to providing high-quality OCTG supports Equinor's endeavors in energy security and decarbonization, crucial for Europe's sustainable future. Equinor's diversified focus on CCS, hydrogen, ammonia, and offshore wind underscores its proactive approach to addressing climate challenges while ensuring energy reliability. This collaboration not only enhances supply chain resilience but also fosters innovation in low-carbon technologies. It highlights how industry leaders can synergize strengths to drive meaningful progress towards a more sustainable and resilient energy sector globally.

Sumitomo Corporation operates as a prominent integrated trading company with a formidable global footprint, maintaining a network spanning 128 offices across 66 countries and regions. The Group comprises approximately 900 companies and employs around 80,000 individuals worldwide. Its diversified business portfolio spans nine strategic sectors: Steel, Automotive, Transportation & Construction Systems, Urban Development, Media & Digital, Lifestyle Business, Mineral Resources, Chemicals Solutions, and Energy Transformation. Upholding a legacy of over 400 years, Sumitomo Corporation is steadfast in its commitment to creating substantial societal value underpinned by the corporate ethos of "Enriching lives and the world." This enduring philosophy guides its endeavors in fostering sustainable growth and innovation globally.