The three parties signed a non-binding memorandum of understanding in Singapore last week.
The joint agreement aims to develop the establishment of supply chain of ammonia marine fuel in Singapore, integrating the project with developing zero-emission ships by Itochu and Itochu Enex with other partners.
Vopak Terminals in Singapore will support Itochu in the feasibility study and promote the development of an independent, onshore facility for the storage and handling of ammonia with loading/unloading functions in Singapore.
Itochu Enex will promote the development of ammonia fuel supply chain in Singapore, while Itochu will promote the establishment of offshore facilities such as floating tank and/or fuel supply ships as well as formation of global partnerships.
Itochu noted that the early adoption of ammonia as a suitable zero emission, alternative fuel for ships can help towards achieving shipping’s transition to a decarbonised future.
The IMO has set a goal to reduce shipping’s greenhouse gas (GHG) emissions by at least 40% by 2030 from 2008 levels, by 50% by 2050 and to phase them out entirely during this century.
“Itochu group intends to promote initiatives to reduce GHG with the cooperation of domestic and overseas companies, as well as the relevant government agencies,” Itochu said.
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