ITOCHU and GoodFuels sign a strategic partnership agreement to develop sustainable marine biofuel throughout Asia-Pacific
Partnership between one of Japan’s largest trading companies and the world leader in marine biofuels to accelerate the market for sustainable low-carbon marine fuels in Singapore, Japan and across the region
ITOCHU Corporation, one of Japan’s largest general trading companies, and GoodFuels, the pioneer of biofuels for the global transportation industry, today announced a new partnership agreement to develop sustainable marine biofuel in Singapore. , Japan and Asia-Pacific.
ITOCHU is actively engaged in the wholesale, distribution and bunkering of petroleum products in Singapore and Japan, while GoodFuels specializes in the sourcing, development, production and delivery of sustainable marine biofuels with a presence in Netherlands and Singapore. This new strategic partnership will enable the two companies to build the market and supply chain necessary for wider adoption of marine biofuels.
This long-term partnership, which was signed on May 12, 2022, will combine ITOCHU’s mature trading and supply operations and its developed customer base with GoodFuels’ deep expertise in sustainable biofuels, its extensive customer portfolio and of supply and its brand with a strong sustainable impact. Under the partnership, ITOCHU will be responsible for logistics, blending and distribution, while GoodFuels will be primarily responsible for sourcing, production, technical expertise and brand marketing. The two parties will share sales and marketing responsibilities and jointly work to scale up production and supply capabilities.
ITOCHU and GoodFuels will initially focus on supplying sustainable marine biofuels to all of Singapore’s territorial waters, waterways and ports, as well as potential customers transiting through the Straits of Malacca. Then, in the second phase of the partnership, the companies plan to increase deliveries in the wider Asia-Pacific region, including Japan.
GoodFuels’ sustainable marine biofuels offer an 80-90% reduction in well-to-exhaust CO2 emissions for ocean-going vessels. They do not require any technical modifications to tanks or engines and are produced from independently certified renewable raw materials that cannot be used for any better application or recycling.
Speaking of the announcement, Ted Tanaka, Managing Director of ITOCHU Petroleum SingaporeITOCHU’s flagship energy trading arm, said, “Partnering with GoodFuels is a significant step forward in meeting our customers’ needs for low-carbon fuels. building an integrated supply chain for sustainable marine biofuels.”
Dirk Kronemeijer, CEO of GoodNRG Group, said: “As GoodFuels seeks to grow its presence in Asia-Pacific and meet the growing demand for sustainable marine biofuels in the region, we knew we had to find partners whose skills and values aligned with our own mission. This new long-term partnership agreement with ITOCHU will help us achieve our shared ambitions and enable more shipowners in Singapore and Japan to immediately accelerate their decarbonization efforts through our advanced marine biofuels.
“Furthermore, ITOCHU’s expertise in the marine fuels market and experience with other low carbon marine fuel solutions will be invaluable as we seek to enable two of the world’s most important maritime nations deploy our advanced biofuels and reduce carbon emissions from shipping.
“Now the next step begins. Today, we call on industry, our customers and our partners to join us in driving the market for low-carbon marine fuels in Asia beyond the pace of regulation. At the same time, we will continue to work with governments and port authorities across the region to support them as they scale up measures that pave the way for truly sustainable low-carbon fuels.”
Jing Xieng JX Han,General Manager GoodFuels Asia Pacific and Head of Partnership said: “We are excited to begin working with ITOCHU to expand the adoption of our sustainable marine biofuel in Singapore, Japan and Asia-Pacific. This partnership will give us the distribution and supply power we need. to serve both our loyal existing and new local clientele in the best possible way across Asia.”
Notes to Editors
With around 100 bases in 62 countries, ITOCHU Corporation, one of the leading sogo shosha, engages in domestic trade, import/export and overseas trade of various products such as textile, machinery, metals, minerals, energy, chemicals, food, general trade. commodities, real estate, information and communications technology, and finance, as well as business investment in Japan and overseas. To learn more about ITOCHU, visit www.itochu.co.jp/en/.
GoodFuels is a global pioneer in sustainable marine fuels, headquartered in the Netherlands, with offices in Europe and Singapore. The company has created a one-stop-shop for marine industry customers, integrating the entire supply chain of sustainable marine biofuels. From feedstock to tank, GoodFuels’ proposal covers the elements of feedstock sourcing and ensuring its 100% sustainability, production and refining, global distribution, quality assurance and marketing programs with ports, governments and cargo owners. GoodFuels is part of the GoodNRG group, which is active under various labels and companies in the sales, marketing, trading, R&D and production of truly sustainable decarbonization solutions for the global transport industry. Learn more about GoodFuels at http://www.goodfuels.com/.