bp and NYK Line have signed a memorandum of understanding to collaborate on future fuels and transportation solutions to help industrial sectors, including shipping, decarbonise.
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.
‘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 decarbonise,’ said William Lin, EVP regions, cities and solutions, bp.
Akira Kono, senior managing executive officer-chief executive of energy division, NYK Line, added: ‘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 decarbonisation of the shipping industry.’
As previously reported, NYK Line is one of 34 companies and organisation to have joined a joint study framework that will examine the potential for ammonia as a marine fuel.
In February 2020, bp set out its ambition to be a net zero company by 2050, or sooner, stating that it would seek to restructure itself as a more integrated energy company. Commenting on its Q2 2021 results last month, bp CEO Bernard Looney said the company was ‘making good progress’ on its reorganisation targets.