Japanese industrial giant Itochu has signed a Memorandum of Understanding with engineering firm Orascom Construction for the joint development of ammonia bunkering at the Suez Canal, Itochu said in a news release on Wednesday.
Itochu, with Orascom, aims to establish a global supply chain by promoting ammonia bunkering in Egypt's Suez Canal as this is a strategic location for international maritime logistics, according to Itochu.
Itochu's aim is to develop ammonia-fueled ships including bulk carriers and container ships. It intends to collaborate with other partners to decarbonize international logistics, develop ammonia bunkering hubs, drive ammonia procurement and participate in low carbon or green ammonia production projects.
The announcement follows Itochu's MOU with marine fuels supplier Peninsula Petroleum to develop ammonia bunkering at the Spanish port of Algeciras.
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--Reporting by Jamie Aldridge, jaldridge@opisnet.com; Editing by Rob Sheridan, rsheridan@opisnet.com
(END) Dow Jones Newswires
10-25-23 1253ET
