Marubeni teams with Sinopec to promote marine biofuel, LNG and methanol

In China, Marubeni Corporation has concluded a strategic partnership agreement in the marine fuel business with SINOPEC FUEL OIL SALES CO., LTD., a subsidiary of China Petroleum & Chemical Corporation (Sinopec Group), China’s largest state-owned energy and chemical company specializing in marine fuels.
Marubeni began collaborating with SINOPEC FUEL OIL in the marine fuel business in 2010, and in 2019, both companies signed a memorandum of understanding (MOU) regarding further cooperation in this field. Marubeni has been the exclusive distributor of SINOPEC FUEL OIL’s marine fuels to Japanese shipowners’ vessels calling at major ports in China, and, together, the companies have expanded their cooperation by jointly developing new supply locations. As a result, Marubeni currently holds the leading share in the marine fuel supply market for Japanese shipowners in China.

Under this new Agreement, Marubeni and SINOPEC FUEL OIL will further develop their partnership, both in conventional marine fuels and by exploring the potential to handle new fuels such as biofuel, LNG, and methanol. Marubeni and SINOPEC are now aiming to build a new fuel supply chain by leveraging the strengths of both companies. Furthermore, the Agreement represents an important step toward strengthening the relationship between the two companies as well as establishing a new framework for cooperation, with a view to expanding into the global market, including Asia, in anticipation of growing demand for new fuels.