A green methanol project in southern Spain has attracted up to EUR I billion ($1.1bn) investment.
The final say on that figure is expected in 2025, according to the project's joint instigators Cepsa and C2X.
The aim of the project is to develop a green methanol plant capable of producing 300,000 metric tonnes of green methanol annually.
C2X is majority owned by A.P. Moller Holding. Its chief executive, Brian Davis, said that the alternative fuel could aide shipping's decarbonisation efforts.
There was a "growing demand for green methanol to help industries like shipping... move away from fossil carbon-based products", he said.
Davis added that the project would need "an enabling framework in order to offer a competitive source of green methanol to its target customer".
Green methanol is produced from sustainable sources such as biomass or captured carbon dioxide and is one of a number of alternative fuels that could play a part in shipping's decarbonisation strategy.