Marubeni, Sinopec Team Up to Offer IMO 2020-Compliant Fuel Oil
Japan’s Marubeni Corporation has entered into an agreement with China-based Sinopec for the distribution of IMO 2020-compliant low sulphur marine fuel oil.
China Petroleum and Chemical Corporation (Sinopec) recently revealed its plan to produce 10 million tons of low sulphur marine fuel oil per year at its refineries, which would then be supplied domestically within China.
Under the memorandum of understanding, signed between the two sides in Zhoushan on June 5, Marubeni would supply and sell Sinopec’s fuel oil to Japanese shipowners at major Chinese ports.
The Japan-based company added that the two sides would look to expand their collaboration with the goal of creating a global network of clean and stably supplied fuel.
Sinopec and Marubeni are teaming up ahead of the International Maritime Organization’s new set of environmental guidelines that will lower the cap on global sulphur emissions due to marine fuels from the current 3.5 percent to 0.5 percent. The new rules are scheduled to become effective January 1, 2020.