Itochu to promote ammonia as marine fuel in Singapore
Japan's Itochu Corp has signed a memorandum of understanding (MoU) with Itochu Enex, Vopak, Pavilion Energy, Mitsui OSK Line and Total on the joint development study of ammonia as a new marine fuel in Singapore, it said on May 17.
Itochu said that the purpose of the MoU is not limited to expansion and acceleration of the joint development of an ammonia fuel supply chain, including an on-shore and/or off-shore facility and an ammonia bunkering ship in Singapore.
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“It is also a key element of an integrated project that includes the development of ammonia fueled ship by Itochu with other partners,” it said. “Itochu intends to promote initiatives to reduce GHGs with the cooperation of domestic and overseas clients, as well as the relevant government agencies.”
Itochu said the early development of zero-emission vessels was needed to meet targets set by the International Maritime Organisation, which include a 40% improvement in vessel efficiency by 2030 and a 50% cut in greenhouse gas emissions from shipping by 2050 versus the levels in 2008.
Itochu, which had signed the MoU with Vopak in June last year, said that bringing in Pavilion Energy, Mitsui OSK Line and Total will further benefit the project.