MOL (Mitsui OSK Lines), Marubeni, and Russia’s Ministry of Development of the Far East and Arctic Regions signed the agreement at the Eastern Economic Forum in Vladivostok, Russia. The Russian private equity firm, ESN, and the financial institution’s State Development Corporation VEB.RF and VTB Bank are also involved.
The project entails shipping methanol, which the ESN Group plans to produce from natural gas in Russia’s Amur Region. When compared to conventional fuel oil, the MoU envisages the introduction of an environmentally friendly vessel capable of reducing sulphur oxide emissions by up to 99%, particulate matter emissions by up to 95%, nitrogen oxide emissions by up to 80%, and carbon dioxide emissions by up to 15%.
Marubeni and MOL believe that if the demand for methanol as a marine fuel increases in the east Asian region, they have to develop this project further to supply methanol as a marine fuel. Methanol is produced and exported by the ESN Group and can become a competitive supply source within the region. To further reduce the environmental impact of ocean transportation, Marubeni and MOL will lead the project in collaboration with customers and partners in Japan and abroad, as well as government-related organizations.