OCI Methanol Group will be incorporated in Abu Dhabi. File Image / Pixabay
Chemical producer OCI has launched a strategic alliance with investment firms ADQ and Alpha Dhabi Holding with the aim of developing the global market for methanol as a fuel.
The platform will focus on clean methanol as a future fuel, OCI said in a statement on its website on Tuesday. The deal is expected to be finalised this year.
"OCI Methanol Group has been a pioneer in developing clean methanol, supplying clean methanol to blue chip customers in various industries including transportation," the company said in the statement.
"Methanol is a key enabler of the hydrogen economy and one of the most logical hydrogen fuels.
"Methanol will be key to decarbonizing the marine industry, and the strategic alliance enables OCI Methanol to drive and accelerate the transition to a hydrogen economy."
The nascent methanol bunker industry has received a major boost this year from shipping giant AP Moller-Maersk announcing that its first zero-carbon ship orders would be for methanol-fuelled tonnage.