Itochu accelerates ammonia fuel supply chain project in Singapore
SINGAPORE, NNA - Major Japanese trading house Itochu Corp. is speeding up the joint development of an ammonia fuel supply chain in Singapore by adding three new partners to the project.
Itochu announced Monday that it and its energy trading arm Itochu Enex Co. have reached agreement with Japanese shipping company Mitsui O.S. K. Lines Ltd., Total Marine Fuels Private Ltd., a local unit of French oil and gas firm Total SA, and Pavilion Energy Singapore Pte. Ltd. on the project.
The move follows the conclusion of a deal with Vopak Terminals Singapore Pte. Ltd., a Singaporean subsidiary of major Dutch tank storage firm Royal Vopak N.V., in June last year to carry out the project to promote ammonia as an environmentally friendly new marine fuel in the city-state.
The Tokyo-based trader said it and its expanded partners aim to formally launch the project around 2025.
Specifically, Itochu said it will promote the development of off-shore facilities such as floating storage units and safety guidelines for ammonia bunkering in Singapore with its other partners. It will also establish domestic and overseas partnerships with shippers, shipping firms and ammonia producers.
"Singapore is the world's largest terminal of fuel oil supplies and a marine logistics center," an Itochu spokesman told NNA on Monday. "Supplies of liquefied natural gas fuel for ships have started, and we are expecting support in various forms from the Singaporean government for our project to help achieve a zero-emission goal." (NNA/Kyodo)