MOL and Chevron sign MoU on strategic alliance for decarbonization
Mitsui O.S.K. Lines, Ltd. and Chevron Singapore PTE. LTD. today announced that the two companies have signed a memorandum of understanding (MoU) for a strategic alliance aimed at lowering the carbon intensity of the marine energy industry, according to MOL's release.
As part of this agreement, the companies will conduct joint research on next-generation fuels in various regions around the world and jointly study safety measures and legislation for lower-carbon efforts in the marine energy industry. They will seek to collaborate on a variety of potential business opportunities that lead to a lower-carbon future.
MOL has positioned its environmental strategy as one of the key strategies in its "BLUE ACTION 2035" management plan, and has set the goal of achieving net zero greenhouse gas (GHG) emissions by 2050 in the "MOL Group Environmental Vision 2.2." Through this alliance with Chevron, it will pursue fuel efficiency improvement and GHG reduction of vessels and contribute to the realization of a low-carbon and decarbonized society.
MOL, headquartered in Japan, is a leading shipping company, operating on a global scale with about 800 vessels in service. The company develops various social infrastructure businesses centered on ocean shipping, as well as technologies and services to meet ever-changing social needs including environmental protection. The MOL fleet includes dry cargo ships, liquefied natural gas (LNG) carriers, car carriers, and tankers.
Chevron is one of the world's leading integrated energy companies.
