Petronas Trading Corporation Sdn Bhd (Petco) and Sumitomo Corporation (Sumitomo) have signed a Memorandum of Collaboration (MoC) to jointly market and supply marine LNG and related services in Malaysia and Tokyo Bay, Japan.
Under the terms of the MoC, Petco and Sumitomo will aim to build industrial platforms and end-to-end supply chains to offer marine LNG, which will be marketed through the Petronas Marine brand in both countries.
‘As a progressive energy and solutions partner, we are continuously looking to co-create a sustainable market environment with industry players. We recognise our role in delivering the next generation fuel to cater for the bunker demand in the maritime industry,’ said Petco Chief Executive Officer, Shamsul Bahari Salleh.
‘We are pleased to be collaborating with Sumitomo and hope to collaborate with other players in the LNG bunkering business in Japan in meeting our customers’ emerging needs.’
Department General Manager of Sumitomo, Shu Nakamura, added: ‘We are very proud and confident that the cooperation between Petronas and Sumitomo paving the way towards the development of LNG as a cleaner marine fuel in both Malaysia and Tokyo Bay, Japan, which are strategically important marine hubs to both parties.
Nakamura continued: ‘With this agreement, we pursue our ambition to build a comprehensive network of LNG bunkering. It also underscores our commitment to offering our customers the best available and technologically-proven solution to significantly reduce the environmental footprint of maritime transport.’
As previously reported, earlier this week, Petco parent company Petronas signed a Memorandum of Understanding (MoU) with JERA Co., Inc., that will see both companies collaborate on growing the use of natural gas as a marine fuel through LNG bunkering solutions.
In September 2020, Sumitomo Corporation signed an MoU with Cryopeak LNG Solutions Corporation to jointly develop an LNG bunker fuels supply chain in Pacific Northwest ports in Canada.