Since 2010, Marubeni and Sinopec Fuel Oil have worked together in the marine fuel business. In 2019, they signed a memorandum of understanding to deepen their cooperation. Marubeni has served as the exclusive distributor of Sinopec’s marine fuels for Japanese shipowners’ vessels at major Chinese ports. The two companies have also jointly developed new fuel supply locations to expand their reach.
The new partnership seeks to establish a robust fuel supply chain by combining the strengths of both organizations. They plan to explore opportunities in the global market, particularly in Asia, to meet the rising demand for sustainable fuels. This aligns with the maritime industry’s shift toward decarbonization, driven by stricter environmental regulations. In 2024, the International Maritime Organization set a goal of achieving net-zero greenhouse gas emissions by around 2050, increasing the need for alternative fuels like biofuels, LNG, and methanol.
A Marubeni representative stated: “Our collaboration with Sinopec Fuel Oil Sales allows us to leverage our combined expertise to meet the evolving needs of the maritime industry, particularly in sustainable fuel solutions.” The partnership aims to position both companies as leaders in the global transition to cleaner energy sources for shipping.
In related developments, Marubeni recently signed a green ammonia offtake agreement with Envision Energy, a Chinese corporation, to support low-carbon energy solutions. Additionally, Marubeni invested in Gearbulk Holding AG, a Switzerland-based open hatch shipping operator, further expanding its presence in the maritime sector.
Sinopec has also made strides in sustainable fuel initiatives. Its affiliate, China Shipping & Sinopec Suppliers, completed China’s first ammonia bunkering operation. Furthermore, Sinopec signed a multi-year LNG supply agreement with TotalEnergies, a French energy company, to strengthen its global energy portfolio.
