In Singapore, Singapore Methanol and Global Energy Overseas, a Singapore subsidiary of Global Energy International Ltd, have announced the signing of a Memorandum of Understanding (MoU) to collaborate on green fuel solutions for the maritime sector.
According to a statement, the collaboration aims to lay a strong foundation for bio-methanol as a commercially viable bunker fuel and establish Singapore as a leader in the global green fuel market.
The MoU marked a significant step forward in supporting sustainable maritime operations through bio-methanol production and compliance management under the FuelEU Maritime regulations, advancing both companies’ commitments to environmental responsibility and innovation.
We are excited to partner with Global Energy in addressing the urgent need for sustainable marine fuels. Our collaboration will harness biomethanol potential to reduce carbon emissions while offering compliance solutions that meet evolving regulatory demands. This MoU represents a strategic alliance that we believe will reshape the future of green maritime fuel, said Charles Shang, CEO of Singapore Methanol.
Under the strategic MoU, Singapore Methanol and Global Energy will jointly explore the marketing, distribution, and storage of bio-methanol, a low-carbon alternative fuel derived from renewable biomass sources, targeted to reduce greenhouse gas emissions across the shipping industry.
Additionally, the partnership will focus on managing FuelEU Maritime compliance surpluses, ensuring that shipowners and operators can meet and exceed regulatory standards cost-effectively.
We are proud to align with Singapore Methanol in this important endeavor. By combining our expertise in bunkering and fuel management with Singapore Methanol’s bio-methanol innovations, we are poised to make significant contributions to the decarbonization of the maritime industry. This partnership reinforces our commitment to providing our clients with sustainable and forward-looking solutions, said Loh Hong Leong, Managing Director of Global Energy Group.
The MoU outlines multiple areas of collaboration, including:
- Bio-Methanol Production and Distribution: Singapore Methanol will lead efforts to develop bio-methanol production facilities in Indonesia, with Global Energy supporting distribution to meet the needs of the maritime industry.
- FuelEU Maritime Compliance Management: Singapore Methanol will work alongside Global Energy to manage compliance surpluses, allowing ship operators to navigate the FuelEU Maritime regulations effectively.
- Green Methanol Storage and Bunkering Expansion: Both companies will explore the feasibility of expanding green methanol storage and bunkering infrastructure in key global ports, including those in Europe, to facilitate wider adoption of sustainable marine fuels.
- Alternative Marine Fuels Research: The partnership will focus on developing innovative fuel solutions that meet or exceed international environmental standards.
