Cryopeak, Sumitomo sign LNG bunkering MoU
Cryopeak and Sumitomo Corporation have joined forces to develop a liquefied natural gas (LNG) bunker-fuels supply chain in North America.
More specifically, Cryopeak LNG Solutions Corporation, a Richmond BC based portfolio company of BP Energy Partners, and Sumitomo aim to develop the supply chain in North America’s Pacific Northwest ports. These include the port of Vancouver, Fraser River Port, Roberts Bank, and Prince Rupert, Canada.
The MoU aligns with the pair’s initiative to build a platform for the supply of LNG as a marine fuel.
Cryopeak is developing a proprietary design for a 4,000-cbm LNG bunkering barge. The vessel will be used in an articulated tug and barge configuration (ATB).
The company plans to put the vessel into operation in 2023, Cryopeak said in its statement.
The ATB will provide ship-to-ship transfers of LNG to vessels that use LNG as a fuel source. It will also provide ship-to-shore transfers to small-scale marine distribution infrastructure in the North American Pacific Northwest.
The rise in demand for LNG as fuel is a direct reflection of the marine industry’s growing focus on reducing their carbon footprint. lowering energy costs and maximize operational efficiencies, the statement reads.
Cryopeak has a partnership with Island Tug & Barge (ITB), a marine bulk fuel transporter based in Burnaby, BC. The two companies aim to develop the LNG bunkering ATB and jointly provide LNG bunkering solutions to the shipping industry.
Under the MoU, Sumitomo will offer Cryopeak’s LNG fueling solutions to customers in ports on the West Coast of North America.