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.
ElbOil stated: “This MOU marks more than a commercial agreement: it’s a shared commitment to drive innovation, sustainability, and long-term impact in the maritime energy sector. We’re also planning a site visit in early 2026, and will continue to support the transition to cleaner marine fuels through strategic partnerships and responsible trading.”
As disclosed, the project builds on Iceland-based Carbon Recycling International’s technology, designed to convert CO2 into low-carbon methanol. It is also said to be in line with the kind of initiatives ElbOil supports.
In other methanol news, it is worth noting that Norwegian energy giant Equinor and NG Nordic-owned Mana formed an early-stage strategic partnership to explore the potential development of the Nordics’ first large-scale waste-to-methanol project at Mongstad complex, with the support of sustainable technology solutions provider NEXTCHEM.
Furthermore, the Hong Kong and China Gas Company (Towngas) signed a new agreement to work on developing comprehensive green methanol supply and distribution networks.