Nippon Steel and Sumitomo renew long-term contract with Equinor for OCTG supply

Nippon Steel Corporation, in collaboration with Sumitomo Corporation, has announced the renewal of their long-term contract with Equinor ASA for the supply of Oil Country Tubular Goods (OCTG). The renewed contract will extend for a maximum period of nine years, providing high-performance OCTG for use in Norway and internationally.

Over the past 35 years, Nippon Steel and Sumitomo Corporation have been trusted suppliers of OCTG to Equinor, supporting oil and gas development as well as Carbon Capture and Storage (CCS) projects. These CCS initiatives are crucial in mitigating greenhouse gas emissions. The renewal of this contract underscores the recognition of Nippon Steel and Sumitomo Corporation’s consistent delivery of high-quality products, tailored to meet the specific needs of Equinor, along with their commitment to reliable just-in-time delivery services and adherence to low carbon, safety, and human rights standards across their supply chain.

CCS technology involves capturing CO2 emissions from sources such as power plants and industrial facilities, then injecting and storing the CO2 underground to prevent it from entering the atmosphere.

Equinor, one of the largest energy companies in Europe, plays a pivotal role in ensuring Europe's energy security and advancing decarbonisation efforts. Besides its significant natural gas operations, Equinor is actively involved in various decarbonisation projects, including CCS, hydrogen and ammonia production, and wind power generation.

The renewed contract signifies a strengthened partnership, allowing Nippon Steel and Sumitomo Corporation to continue supporting Equinor's energy and decarbonisation projects through the stable supply of OCTG. This collaboration aims to contribute to global energy security and sustainability.