Global energy producer BP has signed a deal with China's COSCO Shipping that envisages collaboration on methanol bunkering.
The two firms signed a memorandum of understanding on strategic cooperation in Shanghai on Tuesday, COSCO said in a LinkedIn post on THursday.
"This includes Castrol Marine lubricants and hydrocarbons transportation, offshore construction as well as exploring collaboration opportunities in areas such as methanol supply for bunkering and offshore wind supply chain," the company said.
"Together, both parties will further capitalize on the business advantages of both parties, enhance synergies, and achieve complementary advantages and common development."
Methanol is rapidly gaining in popularity as an alternative marine fuel, with orders of methanol-fuelled tonnage now coming in regularly from a variety of shipping segments. The main challenge for this market will be the scaling-up of green methanol supply in time to meet the needs of the new ships as they are delivered.