On November 15, COSCO SHIPPING, CP Group Co., Ltd., and Freepoint Commodities collectively inked a memorandum of understanding (MoU) on the production of green methanol, according to the company's release.
This partnership aims to capitalize on each party’s strengths, foster greater collaboration, and establish a comprehensive alliance. The successful execution of this MoU signifies a pivotal moment in the strategic cooperation among the three parties, paving the way for advancements in green marine fuel production and utilization.
Under the terms of the agreement, the three parties commit to intensifying their joint efforts in the area of maritime green energy. By harnessing Southeast Asia’s abundant biomass resources and employing cutting-edge technologies, they plan to construct a green methanol production facility that adheres to stringent EU standards.
This initiative is poised to bolster the renewable energy transition for COSCO SHIPPING while catalyzing improvements of the energy mix. The MoU signing stands as a testament to globalization in the pursuit of greener, low-carbon solutions. It underscores the commitment of the three parties to deepen their strategic collaborations, contributing significantly to the decarbonization of the international shipping sector.
Together, they aspire to set new industry benchmarks, driving forward the green and low-carbon evolution, and collaboratively fostering a future marked by high-quality, sustainable development.