Asia/Pacific News
MOL Seeks to Expand Marine Biofuel Use in China
Mitsui OSK Lines (MOL) plans to boost biofuel use for its ships in China through a partnership with fuel supplier Sinopec Zhejiang Zhoushan Petroleum and Japan’s Marubeni.
The MoU signed will help MOL secure a stable supply of biofuel in China, Japanese shipping firm MOL said in a statement on its website on Thursday.
Sinopec and Marubeni will work together to develop biofuel infrastructure, such as storage and transportation facilities and supply ports.
MOL expects marine biofuel demand to grow.
“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 key supplier of biodiesel fuel feedstocks-to establish a long-term framework for biodiesel fuel supply and procurement at an early stage,” the company said.
Despite the ample availability of biofuel feedstocks in China, the country’s biofuel bunker demand continues to lag.
Discussions at the IBIA Annual Convention in Hong Kong last month indicated that China is unlikely to make any immediate changes to its biofuel blending policy for shipping due to low demand.
