- bp and NYK Line aim to collaborate on solutions to help decarbonize shipping and heavy industry.
- The companies will work together on marine fuels such as biofuels, LNG, hydrogen, and ammonia, and explore participation in supply chains for ammonia and hydrogen for heavy industry and power generation.
Bp and NYK Line have signed a memorandum of understanding to collaborate on future fuels and transportation solutions to help industrial sectors, including shipping, decarbonize, says a press release published on their website.
About the memorandum
For shipping, the companies will collaborate and identify opportunities to help transition from current marine fuels to alternatives such as LNG, biofuels, and methanol, and to develop future fuels such as ammonia and hydrogen. Getting this journey right will be critical to enabling the shipping industry to meet its long-term decarbonization ambitions.
For other hard-to-abate industrial sectors, the two companies will also consider potential marine transportation and other solutions for carbon dioxide, and explore participation in the supply chains for ammonia and hydrogen to be used in heavy industry and power generation, to help those sectors to decarbonize.
NYK Collaborating with bp
Shipping is core to global trading activities. For the world to decarbonize, shipping must decarbonize, and as one of the world’s largest shipping and logistics companies, NYK Line is seeking to lead decarbonization efforts in the industry through collaboration with bp.
bp is focusing on working with corporates in key industrial sectors that have significant carbon emissions to manage, to help them to decarbonize. The company’s ambition is to be a net-zero company by 2050 or sooner and to help the world to get to net zero.
A strong existing relationship
William Lin, EVP regions, cities and solutions, bp: “bp and NYK Line have a combined experience of almost 250 years working in the shipping sector, strong existing relationships, and a shared understanding of the need for the marine industry to decarbonize. By bringing together our technical expertise, understanding of the supply chain, and insights from our customers, I am confident that together we can do more to drive change at pace in hard-to-abate sectors”.
Looking forward for valuable solutions
Akira Kono, senior managing executive officer-chief executive of energy division, NYK Line: “We are very pleased to enter into a strategic partnership with bp. We look forward to developing even more valuable solutions in the field of decarbonization. By combining bp’s technological expertise and worldwide network in integrated energy with NYK Line’s expertise and technology as one of the world’s largest shipping and logistics companies, we hope to become a leader in the decarbonization of the shipping industry.”
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Source: bp
