Posted January 22nd, 2021 for Sumitomo Corporation Sumitomo Corporation (Head Office: Chiyoda-ku, Tokyo; Representative Director, President and Chief Executive Officer: Masayuki Hyodo) and ARA Petroleum LLC (Head Office: Oman; CEO: Sultan al-Ghaithi) (hereinafter, “ARA”), an Omani oil and gas producer, launched a feasibility study on a hydrogen hybrid project based on a local production and consumption model in Oman (hereinafter, “the Project”) in January 2021. Hydrogen can be produced by effectively utilizing associated gas 1 generated as a by-product during oil production and by using the "steam reforming method. 2 " Oman, where oil and gas are the main industries, has participated in the hydrogen ministerial conference led by the Japanese government and is actively working to utilize hydrogen. Against the backdrop of Oman's efforts to promote the use of hydrogen, Sumitomo Corporation concluded a memorandum of understanding (MOU) with ARA in March 2020 and has engaged in discussions on the Project.