Mitsui O.S.K. Lines, Ltd. (MOL) President & CEO Takeshi Hashimoto today announced that MOL, China’s largest fuel supplier SINOPEC Zhejiang Zhoushan Petroleum Co., Ltd. (SINOPEC) Executive Director Jiang Yongzhuo, and Marubeni Corporation President & CEO Masayuki Omoto, which holds the top share in the marine fuel sales market for Japanese shipowners in China, have signed a Memorandum of Understanding (MOU) for the establishment of a long-term supply system for marine biodiesel fuel.
This memorandum aims to establish a long-term and stable supply system for biodiesel fuel, a key alternative to heavy
oil, through collaboration with SINOPEC and Marubeni in support of decarbonization efforts. MOL will work to expand the
use of biodiesel fuel in China, while SINOPEC and Marubeni will develop infrastructure such as storage and transportation
facilities and supply ports, and ensure the stable availability of biodiesel fuel.
Amid strengthening global environmental regulations and the accelerating shift toward decarbonization, the international shipping industry is taking the lead in reducing greenhouse gas (GHG) emissions. Biodiesel fuel, a “drop-in” alternative that can be used without modifying existing marine internal combustion engines, is gaining attention as an effective solution capable of significantly reducing CO₂ emissions over its entire lifecycle compared with conventional marine fuels such as heavy oil. To proactively advance decarbonization efforts in the biodiesel fuel sector, where future demand is expected to grow, MOL will collaborate with SINOPEC and Marubeni in China, a key supplier of biodiesel fuel feedstocks, to establish a long-term framework for biodiesel fuel supply and procurement at an early stage.
