SINGAPORE: GoodFuels, a biofuels pioneer for the transport industry, has signed a partnership agreement with ITOCHU Corporation, one of Japan’s largest general trading companies, to scale sustainable marine biofuel in Singapore, Japan, and Asia-Pacific.
The Netherlands-based energy supplier will be responsible for sourcing, production, technical expertise and brand marketing whilst ITOCHU will be responsible for logistics, blending and distribution. Both parties will share responsibilities in sales and marketing and work jointly towards scaling capabilities in production and sourcing.
The two companies will focus initially on the supply of marine biofuels to all vessels in Singaporean territorial waters, waterways and harbours, as well as prospective customers transiting the Strait of Malacca. Subsequently, the companies plan to scale up deliveries to the wider Asia-Pacific region, including Japan.
“Partnering with GoodFuels is a significant step forward to meet our customers’ needs for low carbon fuels,” declared Ted Tanaka, ITOCHU Petroleum Singapore managing director. “We will steadily respond to the changing environment from a customer-oriented perspective by working with GoodFuels to build an integrated supply chain for sustainable marine biofuels.”
The company delivers biofuel with an 80-90 percent well-to-exhaust reduction of CO2 emissions for oceangoing vessels. It is produced from independently certified renewable feedstocks that cannot be used for any higher quality application or recycling.
“ITOCHU’s expertise in the marine fuel market and experience with other low carbon marine fuel solutions will be invaluable as we look to enable two of the world’s most important maritime nations to deploy our advanced biofuels and reduce carbon emissions from shipping,” added GoodNRG Group CEO Dirk Kronemeijer.
Story Type: News