Equinor Extends 35-Year Partnership: Nippon Steel and Sumitomo to Supply OCTG for Up to 9 Years
Portfolio Pulse from Lekha Gupta
Equinor ASA (NYSE:EQNR) has extended its 35-year partnership with Nippon Steel Corporation (OTC:NPSCY) and Sumitomo Corporation (OTC:SSUMY) by renewing a long-term contract to supply OCTG for up to 9 years. This contract highlights their commitment to stable supply, product development, and low carbon compliance. Equinor shares are trading higher, up 1.7% at $28.97. Investors can gain exposure via Amplify ETF Trust Amplify Natural Resources Dividend Income ETF (NYSE:NDIV) and SGI Enhanced Global Income ETF (GINX).
July 03, 2024 | 2:30 pm
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POSITIVE IMPACT
Equinor ASA has renewed a long-term contract with Nippon Steel and Sumitomo to supply OCTG for up to 9 years, boosting investor confidence. EQNR shares are up 1.7%.
The renewal of a long-term contract with established partners Nippon Steel and Sumitomo is a positive development for Equinor, indicating stability and continued collaboration in the energy sector. This has led to a 1.7% increase in EQNR shares.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100
POSITIVE IMPACT
Investors can gain exposure to Equinor's positive developments through the Amplify Natural Resources Dividend Income ETF (NDIV).
The positive news regarding Equinor's contract renewal can indirectly benefit NDIV, which includes Equinor in its portfolio.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 50
POSITIVE IMPACT
Nippon Steel Corporation has renewed its long-term contract with Equinor, ensuring a stable supply of OCTG for up to 9 years.
The renewal of the contract with Equinor is a positive development for Nippon Steel, ensuring continued business and collaboration in the energy sector.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 80
POSITIVE IMPACT
Sumitomo Corporation has renewed its long-term contract with Equinor, ensuring a stable supply of OCTG for up to 9 years.
The renewal of the contract with Equinor is a positive development for Sumitomo, ensuring continued business and collaboration in the energy sector.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 80