Sumitomo Corporation (Head Office: Chiyoda-ku, Tokyo; Representative Director, President and Chief Executive Officer: Shingo Ueno) has renewed a long-term supply contract to sell OCTG (Oil Country Tubular Goods) procured from Nippon Steel Corporation (hereinafter “Nippon Steel”) to the Norwegian energy company Aker BP ASA (hereinafter “Aker BP”) for a maximum period through 2034.
Aker BP was established in 2016 and is one of the largest independent energy companies in Europe in terms of production volumes. The company also engages in oil and gas exploration as well as field development on the Norwegian continental shelf. Since the establishment of Aker BP, Sumitomo Corporation has procured and supplied OCTG used for oil and gas development from Nippon Steel. The renewal of the contract is attributed to the high evaluation given to Sumitomo Corporation and Nippon Steel's stable supply of high-performance OCTG as well as product development tailored to customer needs and comprehensive supply chain management solutions.
By renewing the long-term supply contract with Aker BP, Sumitomo Corporation will further expand its strategic partnership with Aker BP and other Group companies. This will facilitate joint projects in the decarbonization, hydrogen and ammonia businesses, alongside DX initiatives.
Through renewed strategic partnership with Aker BP, Sumitomo Corporation and Nippon Steel are working to secure stable energy supplies in the face of rising geopolitical risks to realize a decarbonized society.
