Japanese shipowner Mitsui O.S.K. Lines (MOL) and energy company Chevron Singapore have today signed a memorandum of understanding (MoU) for a strategic alliance aimed at the decarbonization of the marine energy industry.

The two companies will conduct joint research on next-generation fuels in various regions around the world and jointly study safety measures and legislation for lower-carbon efforts in the marine energy industry.

MOL and Chevron Singapore will seek to collaborate on a variety of potential business opportunities that lead to a lower-carbon future.

“Through collaborations such as these, Chevron aims to lead in lower carbon intensity oil, products and natural gas and at the same time advance new products and solutions that reduce the carbon intensity of major industries,” said Mark Ross, president of Chevron Shipping Company.

“This is another way Chevron is working to advance energy progress.”, Ross added.

MOL Senior Managing Executive Officer Nobuo Shiotsu said that ”first, we will study and implement all possible means, including the use of next-generation fuels and the introduction of new decarbonization technologies such as wind power and electricity, in tankers that have been chartered for a long period of time. We would then like to expand these efforts to other parts of our business.”

Tokyo-based MOL has positioned its environmental strategy as one of the key strategies in its ”BLUE ACTION 2035” management plan and has set the goal of achieving net zero greenhouse gas (GHG) emissions by 2050 in the ”MOL Group Environmental Vision 2.2.”

Through the strategic alliance with Chevron, the Japanese shipping giant will pursue fuel efficiency improvement and GHG reduction of vessels and contribute to the realization of a low-carbon and decarbonized society.

MOL and Chevron signing ceremony for decarbonisation

At the signing ceremony in Singapore were Mr.Nobuo Shiotsu, Senior Managing Executive Officer of MOL and Mr.David Ball, Director, Marine Commercial of Chevron Shipping Company LLC, photo credit: MOL