MOL and Chevron sign MoU on strategic alliance for decarbonization
Photo courtesy of Chevron

MOL and Chevron sign MoU on strategic alliance for decarbonization

Mitsui O.S.K. Lines, Ltd. (MOL), a leading shipping company based in Tokyo, Japan, and Chevron Singapore PTE. LTD. have signed a memorandum of understanding (MoU) for a strategic alliance aimed at lowering the carbon intensity of the marine energy industry.

As part of this agreement, the 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. They 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.”

“MOL is honored to have the opportunity to jointly study GHG emission reductions through this MoU with Chevron. 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,” said MOL Senior Managing Executive Officer Nobuo Shiotsu.

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 this alliance with Chevron, it will pursue fuel efficiency improvement and GHG reduction of vessels and contribute to the realization of a low-carbon and decarbonized society.