Asia/Pacific News
Marubeni Deepens Ties with Sinopec Fuel Oil to Deliver Alternative Marine Fuels
Japanese firm Marubeni Corporation has signed a strategic partnership agreement with China's Sinopec Fuel Oil Sales to strengthen collaboration in the marine fuel business, particularly in alternative marine fuels.
The agreement builds on over a decade of cooperation between the firms and aims to expand their presence beyond conventional marine fuels to include biofuel, LNG and methanol, Marubeni said in a statement on its website on Thursday.
Marubeni currently holds a leading share in supplying bunker fuel to Japanese shipowners at Chinese ports, serving as the exclusive distributor of Sinopec Fuel Oil.
The new agreement will deepen this partnership by developing a new fuel supply chain leveraging both companies' networks and capabilities.
Both companies expect demand for alternative marine fuels to grow rapidly across Asia in the coming years, driven by tightening environmental regulations and the IMO's target of net-zero GHG emissions by around 2050.
