Japanese shipping company Mitsui O.S.K. Lines (MOL) and Chevron have signed a memorandum of understanding (MOU) for a strategic alliance aimed at reducing the carbon intensity of marine fuels, as well as other decarbonization technologies in shipping.
The companies plan to conduct joint research into next-generation fuels and safety measures to help with the shipping’s industry’s efforts to reduce its greenhouse gas emissions. They will also look to collaborate on a variety of potential business opportunities that lead to a lower-carbon future.
The companies plan to collaborate on research into next-generation fuels and safety measures to aid in the shipping industry’s decarbonization efforts, as well as explore potential business opportunities for a lower-carbon future.
“Through collaborations such as these, Chevron aims to lead in lower carbon intensity oil, products and natural gas and at the same time advance new products and solutions that reduce the carbon intensity of major industries,” said Mark Ross, president of Chevron Shipping Company. “This is another way Chevron is working to advance energy progress.”
MOL Senior Managing Executive Officer Nobuo Shiotsu indicated the use of MOL vessels in the research.
“First, we will study and implement all possible means, including the use of next-generation fuels and the introduction of new decarbonization technologies such as wind power and electricity, in tankers that have been chartered for a long period of time. We would then like to expand these efforts to other parts of our business,” he said.
MOL has set a target of achieving net zero carbon emissions by 2050.
The MOU was signed with Chevron Singapore PTE. LTD., Chevron’s regional supply and trading business in Singapore.
Last November, MOL and a different unit of Chevron, Chevron New Energies International Pte. Ltd, entered into a Joint Study Agreement (JSA) to study liquified carbon dioxide (LCO2) shipping from Singapore to Australia to aid in large-scale Carbon Capture, Utilization, and Storage (CCUS) projects.
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