MITSUI O.S.K. Lines and Chevron are forming a “strategic alliance” to research new fuels for the marine energy industry.
MOL and Chevron Singapore signed a memorandum of understanding on 23 June with a goal to lower the carbon intensity of the industry.
Under their partnership, the companies plan to research next-generation fuels in regions around the world and study safety measures and legislation for lower-carbon efforts.
They also hope to collaborate on potential business opportunities that support their decarbonisation objectives.
MOL senior managing executive officer Nobuo Shiotsu said the company was honoured to have the opportunity to study emissions reductions through an MoU with Chevron.
“First, we will study and implement all possible means, including the use of next-generation fuels and the introduction of new decarbonisation technologies such as wind power and electricity, in tankers that have been chartered for a long period of time,” he said.
“We would then like to expand these efforts to other parts of our business.”
Chevron Shipping Company president Mark Ross said the partnership is another way Chevron is working to advance energy progress.
“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,” he said.
