Sumitomo Renews Long-Term OCTG Supply Contract with Aker BP

Sumitomo Corporation has renewed its long-term supply contract OCTG with Aker BP, reinforcing their strategic partnership in advancing decarbonization and digital transformation (DX) efforts. This renewal highlights the commitment of both companies to sustainable practices and innovation within the energy sector. By continuing their collaboration, Sumitomo and Aker BP aim to enhance operational efficiency, reduce carbon emissions, and integrate cutting-edge digital technologies, thereby driving progress in the global energy industry.

Sumitomo Corporation, headquartered in Chiyoda-ku, Tokyo, and led by Representative Director, President, and Chief Executive Officer Shingo Ueno, has announced the renewal of a significant long-term supply contract. This contract entails the sale of OCTG (Oil Country Tubular Goods) sourced from Nippon Steel Corporation to Aker BP ASA, a prominent Norwegian energy company. The renewed agreement extends through 2034, highlighting Sumitomo Corporation's commitment to fostering enduring partnerships and securing a stable supply chain for the energy sector.

The renewal of the long-term supply contract with Aker BP marks a significant milestone for Sumitomo Corporation, solidifying its strategic collaboration not only with Aker BP but also with other affiliated Group companies. This enhanced partnership sets the stage for joint initiatives across various sectors, including decarbonization, hydrogen, and ammonia ventures, as well as DX (digital transformation) initiatives. By leveraging shared expertise and resources, Sumitomo Corporation aims to drive innovation and sustainable growth in these emerging markets.

Through the renewed strategic partnership with Aker BP, Sumitomo Corporation and Nippon Steel are actively collaborating to ensure stable energy supplies amidst escalating geopolitical risks. This partnership underscores their joint commitment to advancing towards a decarbonized society, emphasizing sustainable energy solutions and resilience in the face of global challenges. By combining their strengths and expertise, Sumitomo Corporation and Nippon Steel aim to drive forward innovative initiatives that support environmental sustainability and secure reliable energy sources for the future.

Established in 2016, Aker BP has swiftly grown to become one of Europe's largest independent energy companies, distinguished by its substantial production volumes. Specializing in oil and gas exploration and field development on the Norwegian continental shelf, Aker BP plays a pivotal role in the region's energy sector.

Since Aker BP's inception, Sumitomo Corporation has been instrumental in procuring and supplying OCTG (Oil Country Tubular Goods) from Nippon Steel for oil and gas development projects. The recent renewal of the contract underscores Sumitomo Corporation and Nippon Steel's track record of delivering high-performance OCTG and tailored product solutions that meet customer requirements. Their comprehensive supply chain management solutions have been crucial in maintaining a stable and reliable supply, earning them high commendations from Aker BP.