Dutch marine biofuels supplier GoodFuels and Japanese general trading company ITOCHU Corporation have entered into a partnership agreement to scale sustainable marine biofuel in Singapore, Japan and Asia-Pacific.
Under the long-term agreement, signed on 12 May, the two companies will combine their respective expertise to build the market and develop the supply chain necessary for the wider adoption of marine biofuel.
For its part, GoodFuels will be mainly responsible for sourcing, production, technical expertise and brand marketing whilst ITOCHU will be responsible for logistics, blending and distribution.
The partners explained that they will share responsibilities in sales and marketing and work jointly towards scaling capabilities in production and sourcing.
Initially, the companies will focus on the supply of sustainable marine biofuels to all Singaporean territorial waters, waterways, and harbours, as well as prospective customers transiting the Strait of Malacca.
For the second phase of the partnership, the plan is to scale up deliveries to the wider Asia-Pacific region, including Japan.
Commenting on the agreement, Dirk Kronemeijer, CEO of GoodNRG Group, said: ” … we call on the industry, our clients, and partners to join us in making the market for low carbon marine fuels in Asia, above and beyond the pace of regulation. At the same time, we will continue to work with governments and port authorities in the region to support them as they scale up measures that lay the pathway for truly sustainable low carbon fuels.”
Ted Tanaka, managing director of ITOCHU Petroleum Singapore, added: “Partnering with GoodFuels is a significant step forward to meet our customers’ needs for low carbon fuels. 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 partnership follows the recent opening of GoodFuels’ office in Singapore to serve the demand for sustainable marine biofuel in the Asia-Pacific region.