ElbOil, a German-based company specializing in the trading, brokering, and hedging of marine fuels, has signed a memorandum of understanding (MoU) with Chinese companies Shandong Shunli Hydrogen Energy Technology, a subsidiary of Henan Shuncheng Group, and Shanghai Wenji Biotechnology, which is responsible for domestic trade procedures, to support the future production and distribution of green methanol.

Starting in early 2027, the initiative is expected to deliver up to 1 million metric tons of renewable methanol per year, contributing to efforts to decarbonize the global shipping industry.