Mitsui O.S.K. Lines and Chevron Singapore have announced that the two companies have signed a memorandum of understanding (MoU) for a strategic alliance aimed at lowering the carbon intensity of the marine energy industry.
MOL Senior Managing Executive Officer Nobuo Shiotsu said, “MOL is honoured to have the opportunity to study GHG emission reductions through this MoU with Chevron jointly. 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 like to expand these efforts to other parts of our business.”
As part of this agreement, the companies will conduct joint research on next-generation fuels in various regions worldwide and jointly study safety measures and legislation for lower-carbon efforts in the marine energy industry. They will seek to collaborate on potential business opportunities that lead to 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 has positioned its environmental strategy as one of the key strategies in its “BLUE ACTION 2035” management plan and has set the goal of achieving net zero greenhouse gas (GHG) emissions by 2050 in the “OL Group Environmental Vision 2.2.”Through this alliance with Chevron, it will pursue fuel efficiency improvement and GHG reduction of vessels and contribute to realizing a low-carbon and decarbonized society.
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