Sumitomo Looks to Tap US Shale Boom Despite Exiting Production
- Company aims to expand oil and gas pipe sales, president says
- Shingo Ueno was appointed to lead the company in April
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Japanese trading firm Sumitomo Corp. sees opportunities in US shale oil and natural gas despite exiting production there three years ago.
The company will seek to boost sales of pipelines used in US shale fields, Shingo Ueno, who became president in April, said in an interview. “Shale is perhaps one of the most important natural resources for the US,” the 64-year-old said, adding that Sumitomo will tap its strength in related businesses rather than return directly to output.