Sumitomo Corporation reportedly plans to cease investing in new oil development projects in bid to move away from fossil-fuel related business as the pressure to cut greenhouse gas emissions increases globally reports Reuters.
Japanese trading companies are allegedly reducing their exposure to coal-related projects including mining and power generation as climate change concerns escalate. However, it was noted that this is the first time a Japanese trading company has decided to hold out on any investment in new oil projects.
Reportedly, Sumitomo will desist from participating in auctions for new oil projects but will maintain existing oil projects.
Rather, the company will pivot its resources towards renewable energy projects like offshore wind farms.
Singapore bunker publication Manifold Times recently reported Sumitomo Corporation is planning to move the bunker and crude oil trading accounts under its Singapore-based subsidiary Summit Energy & Resources (formerly known as Petro Summit) to Tokyo.
Photo credit: Sumitomo Corporation
Published: 26 January, 2021
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