June 23, 2023
Mitsui O.S.K. Lines, Ltd. (MOL; President & CEO: Takeshi Hashimoto; Headquarters: Minato-ku, Tokyo) 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.
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.
"Through collaborations such as these, Chevron aims to lead in lower carbon intensity oil, products and natural gas and at the same time advance new products and solutions that reduce the carbon intensity of major industries," said Mark Ross, president of Chevron Shipping Company. "This is another way Chevron is working to advance energy progress."
MOL Senior Managing Executive Officer Nobuo Shiotsu said, "MOL is honored to have the opportunity to jointly study GHG emission reductions through this MoU with Chevron. First, we will study and implement all possible means, including the use of next-generation fuels and the introduction of new decarbonization technologies such as wind power and electricity, in tankers that have been chartered for a long period of time. We would then like to expand these efforts to other parts of our business."
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. In addition to the traditional shipping businesses, MOL also offers wellbeing & lifestyle businesses such as real property, terminal operation, and ferry service, as well as social infrastructure businesses such as logistics and offshore wind power. With one of the largest merchant fleets and about 140 years of history, experience, and technology, MOL will make a leap forward to become a global social infrastructure company, support people's daily lives from the blue ocean, open the way to a prosperous future, and deliver new value to all stakeholders.
Chevron is one of the world's leading integrated energy companies. We believe affordable, reliable, and ever-cleaner energy is essential to enabling human progress. Chevron produces crude oil and natural gas; manufactures transportation fuels, lubricants, petrochemicals, and additives; and develops technologies that enhance our business and the industry. We aim to grow our traditional oil and gas business, lower the carbon intensity of our operations, and grow new lower carbon businesses in renewable fuels, hydrogen, carbon capture, offsets, and other emerging technologies. More information about Chevron is available at www.chevron.com.