Japan's MOL, Chevron sign MoU on decarbonisation

Japanese shipping company Mitsui O.S.K. Lines (MOL) and US energy major Chevron have signed a memorandum of understanding (MoU) for a strategic alliance focused on reducing the carbon intensity of the marine energy industry, MOL said on June 23.

The collaboration aims to conduct joint research on next-generation fuels in various regions worldwide and explore safety measures and legislative initiatives for achieving lower-carbon goals in the maritime sector. Additionally, the companies will seek potential business opportunities that contribute to a lower-carbon future.

Mark Ross, president of Chevron Shipping Company, highlighted Chevron's commitment to leading in lower carbon intensity oil, products, and natural gas while driving advancements in products and solutions that reduce carbon emissions across major industries. Ross stated, "This is another way Chevron is working to advance energy progress."

Nobuo Shiotsu, senior managing executive officer of MOL, said MOL’s initial focus will be on exploring all feasible approaches, including next-generation fuels and the adoption of decarbonisation technologies such as wind power and electricity, in long-term chartered tankers.