Sumitomo renews OCTG supply contract with Equinor

Sumitomo renews OCTG supply contract with Equinor

Strengthens strategic partnership through stable supply of OCTG

  • By ICN Bureau | July 03, 2024

Sumitomo Corporation has been awarded a long-term supply contract to provide OCTG (Oil Country Tubular Goods) procured from Nippon Steel Corporation (Nippon Steel) to the Norwegian energy company Equinor ASA (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.

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