World News
Mitsubishi Signs Low-Carbon Methanol Offtake Deal with Transition Industries
Mitsubishi Gas Chemical (MGC) has signed a long-term agreement to buy around 1 million mt/year ultra-low-carbon methanol from US-based Transition Industries.
The methanol will be produced at Transition’s Pacifico Mexinol project in Mexico, which is expected to start operations in 2029, MGC said in an emailed statement on Thursday.
The facility aims to produce about 2.15 million mt/year of ultra-low-carbon methanol, i.e., 1.8 million mt of blue methanol and 350,000 mt of green methanol, targeting demand from markets such as Japan and the wider Asia-Pacific region.
Green methanol is made from renewable sources like biomass or captured CO2 and green hydrogen produced from renewable energy, while blue methanol is derived from natural gas with carbon capture to lower emissions.
Both fuels can be used in existing dual-fuel methanol ships.
While Mitsubishi did not specify whether the methanol would be used as marine fuel, the project supports efforts to expand low-carbon methanol availability across industrial and energy sectors.
The offtake agreement will become effective once the project’s final investment decision has been made.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 466.50 | 1.50 | 732.50 | 1.50 |
| Rotterdam | 433.50 | 1.50 | 711.50 | 8.00 |
| Houston | 451.50 | 7.00 | 697.00 | 19.50 |
| Fujairah | 459.50 | 3.00 | 746.00 | 9.50 |
| Global 20 Ports Average | 494.00 | 0.50 | 779.50 | 6.00 |
| Global 4 Ports Average | 452.50 | 0.00 | 721.50 | 9.00 |
| Global Average Bunker Price | 530.00 | 2.00 | 818.50 | 4.00 |
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