(MOL; President & CEO: Takeshi Hashimoto) today announced the signing of a memorandum of understanding (MOU) on the joint development of a synthetic fuel (e-fuel)/synthetic methanol (e-methanol) supply chain including CO2 marine transport with Idemitsu Kosan Co., Ltd. and HIF USA LLC and HIF Asia Pacific Pty Limited (HIF), subsidiaries of HIF Global, a leading worldwide producer of synthetic fuels/synthetic methanol.
Synthetic fuels and synthetic methanol are produced by synthesizing green hydrogen derived from renewable energy sources and CO2. The entire lifecycle of the product, from production to use of the final product, is expected to significantly reduce carbon emissions, and is positioned for swift commercialization.
In this joint development project, the partners will work to develop a synthetic fuel/methanol supply chain, including the transport CO2 as raw material, mainly through feasibility studies of the following items:
- (1) CO2 marine transport from Japan to HIF’s overseas synthetic fuels/methanol production plants.
- (2) Establishment of a supply chain to transport synthetic fuels/methanol produced by HIF at overseas production plants to Japan.
- (3) Efficient and cost competitive marine transportation of CO2 and synthetic methanol
Through this initiative, MOL, Idemitsu, and HIF intend to lead the decarbonization of the energy and transportation industries, and collaborate to develop potential business opportunities.
Role of each company
| Company | Role |
|---|---|
| MOL | Provides knowledge on international marine transport of synthetic fuels/methanol and CO2 |
| Idemitsu Kosan | Study of CO2 capture in Japan and its application (conversion to raw material) |
| HIF | Provide knowledge on synthetic fuels/methanol and study the effective use of CO2 |
About Idemitsu
Idemitsu is working to implement diverse and environmentally friendly low-carbon energy, resource-saving, and circulation solutions in society while fulfilling its responsibility to provide a stable supply of energy, mainly fossil fuels including petroleum, under its 2030 Vision “Your Reliable Partner for a Brighter Future” and 2050 Vision “Shape the Change”. As part of this plan, Idemitsu plans to establish a green supply chain for biomass-derived fuels and chemicals, such as SAF, biodiesel, and bio-chemicals, also for ammonia and synthetic fuels by 2030. Liquid fuels such as SAF and synthetic fuels are one of the businesses that Idemitsu Kosan should focus on because they can contribute to decarbonization by utilizing existing infrastructure.
About HIF
HIF Global is the world’s leading synthetic fuels company, developing projects to convert hydrogen produced with low-cost renewable power into carbon neutral liquid synthetic fuels that can be transported and utilized in existing infrastructure. The name HIF represents the mission of the company: to provide Highly Innovative Fuels to make decarbonization of the planet possible. HIF Chile, HIF USA, HIF Asia Pacific, and HIF EMEA are wholly owned subsidiaries of HIF Global. Having successfully produced its first synthetic fuel from the Haru Oni Demonstration Facility in Magallanes, Chile, in December 2022, HIF plans to construct a commercial-scale HIF Matagorda synthetic fuels Facility in Texas, USA, and a facility in Tasmania, Australia.
MOL Group 5 Sustainability Issues
MOL Group identifies “Sustainability Issues” (Materiality) as our key issues for sustainable growth with society through realization of the Group Vision. We anticipate this initiative to contribute especially to the realization of “Environment -Conservation for Marine and global environment-” and “Innovation -Innovation for development in marine technology-“.
Source
MOL, press release, 2024-03-19.
Supplier
HIF Global
Idemitsu Kosan Co. Ltd.
MOL (Mitsui O.S.K. Lines)
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