Sumitomo Corporation, GTI form alliance
Sumitomo Corporation has entered a comprehensive alliance agreement with Gas Technology Institute (GTI) to assist Japanese companies in taking on a larger role in unconventional-gas-related businesses.
Unconventional gas development continues to increase, and its possibilities are expanding across the globe. As a result, related markets are developing and the downhole equipment and related drilling services market is said to be worth approx. USD 40B, and to consist of over 25,000 companies. In the midst of such a growing market situation, GTI and Sumitomo Corporation will provide Japanese companies with the technology and evaluation techniques that GTI has acquired over the years as leaders in the oil and gas market. Sumitomo Corporation aims to make best use of its network to support Japanese companies in their endeavour to commercialise and expand into the American and global markets.
GTI has a history of over 70 years as an independent research laboratory, and has provided both public and private entities with technical solutions concerning aspects such as the production and processing of shale gas, transportation, or promoting its use as a cleaner energy source. For Sumitomo Corporation, unconventional energy is positioned as one of its core strategic business areas.